Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.5%, your loan payments

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.5%, your loan payments are $ 617 per month, and you have 36 months left on your loan. If you pay an additional $ 1300 with your next regular $ 617 payment (due in one month), how much will it reduce the amount of time left to pay off your loan? (Note: Be careful not to round any intermediate steps less than 6 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Analysis With Microsoft Excel 2016

Authors: Timothy R. Mayes, Todd M. Shank

8th Edition

1337298042, 9781337298049

More Books

Students also viewed these Finance questions