You have some extra cash this month and you are considering putting it toward your car...

60.1K

Verified Solution

Question

Finance

You have some extra cash this month and you are consideringputting it toward your car loan. Your interest rate is 6.8 %?, yourloan payments are $ 624 per? month, and you have 36 months left onyour loan. If you pay an additional $ 1 comma 500 with your nextregular $ 624 payment? (due in one? month), how much will it reducethe amount of time left to pay off your? loan? ?(Note: Be carefulnot to round any intermediate steps less than 6 decimal? places.)The new time left to pay off your loan will be nothingmonths.???(Round to one decimal? place.) ?Thus, you reduce theamount of time remaining on the loan by approximately nothingmonths.???(Round to one decimal? place.)

Answer & Explanation Solved by verified expert
4.2 Ratings (762 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

You have some extra cash this month and you are consideringputting it toward your car loan. Your interest rate is 6.8 %?, yourloan payments are $ 624 per? month, and you have 36 months left onyour loan. If you pay an additional $ 1 comma 500 with your nextregular $ 624 payment? (due in one? month), how much will it reducethe amount of time left to pay off your? loan? ?(Note: Be carefulnot to round any intermediate steps less than 6 decimal? places.)The new time left to pay off your loan will be nothingmonths.???(Round to one decimal? place.) ?Thus, you reduce theamount of time remaining on the loan by approximately nothingmonths.???(Round to one decimal? place.)

Other questions asked by students