Question

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.)

Answer #1

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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 towards your car loan. Your interest rate is 7%, your
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$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 next four years. The interest rate on the
loan is 8%APR (compounded monthly). Now that you realize your best
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to pay an extra $ 250 a month in addition to your required monthly
payments of$ 500 ,or $750 in...

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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
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$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...

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$22,000
car loan with a
5%
APR, compounded monthly. The loan is for five years. When you
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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 $28,000 car loan with a 6 %APR,
compounded monthly. The loan is for five years. When you make your
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the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$__ will go toward the
principal of the loan and $__will...

You have just taken out a $28,000 car loan with a 6%APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$__will go toward the
principal of the loan and$___ will go toward...

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compounded monthly. The loan is for five years. When you make your
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required monthly payments of $600, or $850 in total...

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