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

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.)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Formulae

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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT