Natanael M.

asked • 03/07/21

The new time left to pay off your loan will be _ months? Thus, you reduce the amount of time remaining on the loan by approximately _ months?

 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

$606

per​ month, and you have

36

months left on your loan. If you pay an additional

$1,400

with your next regular

$606

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.)

1 Expert Answer

By:

Jiahao G. answered • 03/07/21

Tutor
New to Wyzant

Best Trainer for Finance Exams (CFA, CFP)

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