Solved: How to reduce amount of loan, Financial Accounting

+44 141 628 6080
[email protected]

How to reduce amount of loan

Response to the following problem:

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7%, your loan payments are $600 per month, and you have 36 months left on your loan. If you pay an additional $1000 with your next regular $600 payment (due in one month), how much will it reduce the amount of time left to pay off your loan?

Solution Preview :

Prepared by a verified Expert

Financial Accounting: How to reduce amount of loan

Reference No:- TGS02068130

Now Priced at $20 (50% Discount)

Recommended (98%)

Rated (4.3/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Financial Accounting

Q : When will company break even utilizing forecasted demand

Given an annual fixed cost of $18,000, variable cost of $5 and a selling price of? $10, when will the company break even utilizing the forecasted demand data

Q : Manifestation determination review for charlie

Assume a manifestation determination review is held for Charlie, and it's determined that his behavior was not a manifestation of his disability.

Q : Review activity about availability of financial information

You can get a company's 10-K directly from the SEC and use their Edgar system; or you can use other means which may be either simpler

Q : Give an example of a micro cost estimation formula

Give an example of a micro cost estimation formula. How reliable and or accurate is it?

Q : How to reduce amount of loan

If you pay an additional $1000 with your next regular $600 payment, how much will it reduce the amount of time left to pay off your loan?

Q : Explain the causes of delaying the project

Give an explain each one of the causes of delaying the project

Q : What is labor productivity change

George Kyparisis makes bowling balls in his Miami plant. With recent increases in his cost, he has a newfound interest in efficiency.

Q : Give an example from personal experience of a tool

Give an example from personal experience of a tool or technique that you have found helpful in dealing with workplace change.

Q : Explain an example of an appropriate technology

Give an example of an "appropriate technology" that might be preferable in a specific developing country situation instead of the technology

1950797

Questions
Asked

3,689

Active Tutors

1459914

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Why does victor coin the term hyper-violence

Why does victor coin the term hyper-violence instead of just using violence? And second, how is hyper-violence display in the Oakland community?

What cases does female status tend to be highest

Question: In which of the following cases does female status tend to be highest? Group of answer choice

How sociological models help understand mental illness

Based on the chapter by Allen Furr on the sociology of mental illness, How do sociological models help you understand mental illness differently

How is it rational for the owner of a factory or plantation

How is it rational for the owner of a factory or plantation to work his laborers to death or disability when they can easily be replaced cheaply?

How code of suburbs differs from the code of street

Q1. Explain how the Code of the Suburbs differs from the Code of the Street? Q2. Explain your general thoughts on the book.

Statement about political systems controlled by men

Multiple Choice Question Identify a true statement about political systems controlled by men. Multiple choice question.

Which is a criticism of marxist/conflict theories

Question: Which of the following is a criticism of Marxist/conflict theories? Group of answer choices