Question

You have some extra cash this month and you are considering putting it toward your car...

You have some extra cash this month and you are considering putting it toward your car loan. your interest rate is 6.7%, your loan payments are $638 per month, and you have 36 months left on your loan. If you pay an additional $1,300 with your next regular $638 payment (due in one month), how much will it reduce the amount of time left to pay off your loan? (Be careful not to round any intermediate steps less than 6 decimal places.)

The new time left to pay off your loan will be

months.  ​(Round to one decimal​ place.)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7.2%​, your loan payments are $671 per​ month, and you have 36 months left on your loan. If you pay an additional $1,300 with your next regular $671 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...
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7.5%​, your loan payments are $629 per​ month, and you have 36 months left on your loan. If you pay an additional $1,400 with your next regular $629 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...
**financial management** You have some extra cash this month and you are considering putting it toward...
**financial management** You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7.3%​, your loan payments are $669 per​ month, and you have 36 months left on your loan. If you pay an additional $1,400 with your next regular $669 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...
You have some extra cash this month and you are considering putting it towards your car...
You have some extra cash this month and you are considering putting it towards your car loan. Your interest rate is 7%, your loan payments are $600 per month, and you have 36 months left on your loan. If you pay an additional $1000 with your next regular $600 payment (due in one month), how much will it reduce the amount of time left to pay off your loan.
You have an outstanding student loan with required payments of $ 500 per month for the...
You have an outstanding student loan with required payments of $ 500 per month for the next four years. The interest rate on the loan is 8%APR​ (compounded monthly). Now that you realize your best investment is to prepay your student​ loan, you decide to prepay as much as you can each month. Looking at your​ budget, you can afford to pay an extra $ 250 a month in addition to your required monthly payments of$ 500 ​,or $750 in...
You have an outstanding student loan with required payments of $500 per month for the next...
You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 8% APR​ (compounded monthly). Now that you realize your best investment is to prepay your student​ loan, you decide to prepay as much as you can each month. Looking at your​ budget, you can afford to pay an extra $175 a month in addition to your required monthly payments of $500​, or $675 in total...
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 8% APR​ (compounded monthly). Now that you realize your best investment is to prepay your student​ loan, you decide to prepay as much as you can each month. Looking at your​ budget, you can afford to pay an extra $175 a month in addition to your required monthly payments of $600​, or $775 in total...
You have just taken out a $22,000 car loan with a 5% ​APR, compounded monthly. The...
You have just taken out a $22,000 car loan with a 5% ​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest?  ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.) When you make your first​ payment, ​$___ will go toward the principal of the loan and...
You have just taken out a $24,000 car loan with a 4% ​APR, compounded monthly. The...
You have just taken out a $24,000 car loan with a 4% ​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest?  ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.) a. When you make your first​ payment, ​$ ______ will go toward the principal of the...
You have just taken out a $17,000 car loan with a 8% ​APR, compounded monthly. The...
You have just taken out a $17,000 car loan with a 8% ​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest?  ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT