sixty months ago, you got a loan from your bank for $10,000. This is a ten year loan with an APR of 12% and with monthly payments of $143.47 each. Today, you decided you want to pay off the loan in two years rather than the remaining life of the loan.

What is the balance of the loan today?

2. How much more do you have to add to your monthly payment in order to accomplish your goal of paying off the loan earlier?

Answer rating: 100% (QA)

To find the balance of the loan today we can use the loan amortization formula to calculate the rema... View the full answer