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Joseph buys a Hummer for $ 60000​, financing it with a​ five-year 7​% APR loan paid...

Joseph buys a Hummer for $ 60000​, financing it with a​ five-year 7​% APR loan paid monthly. He decides to pay an extra​ $50 per month in addition to his monthly payments. Approximately how long will he take to pay off the loan under these​ conditions?

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Answer #1

Payment per month is $1188.07

It will take 4.76 years (57.12/12) to payoff the loan

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