Question

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 6 decimal places.)

Answer #1

**Formulae**

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...

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
$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 an outstanding student loan with required payments of
$600 per month for the next four years. The interest rate on the
loan is 9.25% APR? (compounded monthly). You are considering making
an extra payment of $ $150 today? (that is, you will pay an extra
$150 that you are not required to? pay).???(Note: Be careful not to
round any intermediate steps to fewer than six decimal?
places.)
a. If you are required to continue to make payments of...

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

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 10% 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 $600, or $850 in total...

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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