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 $653 per month, and you have 3 months left on your loan. If you pay an additional $1,000 with your next regular $653 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.) Thus, you reduce the amount of time remaining on the loan by approximately months. (Round to one decimal place.)

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 $653 per month, and you have 3 months left on your loan. If you pay an additional $1,000 with your next regular $653 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.) Thus, you reduce the amount of time remaining on the loan by approximately months. (Round to one decimal place.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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