You have some extra cash this month and you are considering putting it toward your car loan.
Question:
You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7.4%, your loan payments are $624 per month, and you have 36 months left on your loan. If you pay an additional $1200 with your next regular $624 payment (due in one month), how much will it reduce the amount of time left to pay off your loan?
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Step by Step Answer:
Heres how to calculate the reduction in loan term by making an extra payment 1 Calculate the total m...View the full answer
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ALBANUS MUTUKU
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9781292437156
5th Global Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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