Question: A customer buys a car for $46,000, financing it with a six-year 3.49% APR loan paid monthly. He immediately decides to pay an extra $100

A customer buys a car for $46,000, financing it with a six-year 3.49% APR loan paid monthly. He immediately decides to pay an extra $100 per month in addition to his monthly payments. How many months will it take to pay off the loan under these conditions? Show work.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!