Question: please show me the steps! no excel, using the formula or financial calculator ! also 2nd part: calculate the new time left to pay off
Save Homework: MyFinanceLab (Graded) Assignment 2 Score: 0 of 5 pts 16 of 20 (16 complete) HW Score: 72.5%, 72.5 of 100 pts X P5-24 (similar to) Question Help You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7.3%, your loan payments are $624 per month, and you have 36 months left on your loan. If you pay an additional $1,100 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? (Note: Be careful not to round any intermediate steps less than 6 decimal places.) The new time left to pay off your loan will be months. (Round to one decimal place.) Enter your answer in the answer box and then click Check Answer 1 Part Clear All Check Answer remaining
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
