Question
In: Finance
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.7 %6.7%, your loan payments are $657 per month, and you have 36 months left on your loan. If you pay an additional $1,400 with your next regular $657 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.
Thus, you reduce the amount of time remaining on the loan by approximately _____ months.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering
putting it toward your car loan. your interest rate is 6.7%, your
loan payments are $638 per month, and you have 36 months left on
your loan. If you pay an additional $1,300 with your next regular
$638 payment (due in one month), how much will it reduce the amount
of time left to pay off your loan? (Be careful not to round any
intermediate steps less than 6...
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering
putting it toward your car loan. Your interest rate is 7.2%, your
loan payments are $ 641 per month, and you have 36 months left on
your loan. If you pay an additional $ 1200 with your next regular
$641 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...
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering
putting it toward your car loan. Your interest rate is 6.9 %, your
loan payments are $ 605 per month, and you have 36 months left on
your loan. If you pay an additional $ 1 comma 300 with your next
regular $ 605 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...
You have some extra cash this month and you are considering putting it toward your car...
You have some extra cash this month and you are considering
putting it toward your car loan. Your interest rate is 6.8 %, your
loan payments are $ 624 per month, and you have 36 months left on
your loan. If you pay an additional $ 1 comma 500 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...
A car buyer is considering whether or not to spend extra for a hybrid in order...
A car buyer is considering whether or not to spend extra for a
hybrid in order to save money in the long run on gasoline
expenditures. The buyer drives 25,000 km/year. The cost difference
between the two vehicles is $4000, and the fuel consumption is 7.9
L/100 km for the ICEV and 5.3 L/100 km for the HEV. The cost of
fuel is $0.80/L (about $3/gal). a) If the buyer expects a 5% return
on this investment, and either car...
Jody is planning to buy a car for $20,000, putting 20% down in cash, with the...
Jody is planning to buy a car for $20,000, putting 20% down in
cash, with the rest going towards a loan. The bank tells her that
the interest rate on the loan will be 8% per year, which is then
compounded monthly, for a three-year loan. What is Jody’s monthly
payment going to be?
You need a new computer. You are considering either leasing or putting the purchase on your...
You need a new computer. You are considering either leasing or
putting the purchase on your credit card.
The terms of the lease agreement are $250 down and a monthly
payment of $100 for 12 months, with an option to purchase for $300
at the end of the lease period.
If you buy the computer now and put the purchase on your credit
card, your monthly payment would be $130, with the credit card
interest rate 18% compounded monthly.
What...
Federal Rent-a-Car is putting together a new fleet. It is considering package offers from three car...
Federal Rent-a-Car is putting together a new fleet. It
is considering package offers from three car manufacturers. Fred
Motors is offering 5 small cars, 5 medium cars, and 10 large cars
for $500,000. Admiral Motors is offering 5 small, 10 medium, and 5
large cars for $400,000. Chrysalis is offering 10 small, 5 medium,
and 5 large cars for $300,000. Federal would like to buy at least
650 small cars, at least 500 medium cars, and at least 650 large...
Federal Rent-a-Car is putting together a new fleet. It is considering package offers from three car...
Federal Rent-a-Car is putting together a new fleet. It
is considering package offers from three car manufacturers. Fred
Motors is offering 5 small cars, 5 medium cars, and 10 large cars
for $500,000. Admiral Motors is offering 5 small, 10 medium, and 5
large cars for $400,000. Chrysalis is offering 10 small, 5 medium,
and 5 large cars for $300,000. Federal would like to buy at least
550 small cars, at least 500 medium cars, and at least 550 large...
Federal Rent-a-Car is putting together a new fleet. It is considering package offers from three car...
Federal Rent-a-Car is putting together a new fleet. It
is considering package offers from three car manufacturers. Fred
Motors is offering 5 small cars, 5 medium cars, and 10 large cars
for $500,000. Admiral Motors is offering 5 small, 10 medium, and 5
large cars for $400,000. Chrysalis is offering 10 small, 5 medium,
and 5 large cars for $300,000. Federal would like to buy at least
700 small cars, at least 600 medium cars, and at least 700 large...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why would UnderArmour want to be sure that consumers can clearly see different models ( about...
- Five years ago, Miguel invested a stock with price $35 per share. The stock price at...
- You are touring a distant planet on which the magnitude of the gravitational acceleration is 65%...
- GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP? The...
- Forming an Accountable Care Organization in a hospital setting What is an ACO and its reimbursement?...
- Implement a method that meets the following requirements: (a) Has the same requirements as the above...
- The Good’n’Fresh Grocery Store has two checkout lanes and four employees. Employees are equally skilled, and...
ADVERTISEMENT