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Homework answers / question archive / You have some extra cash this month and you are considering putting it toward your car loan

You have some extra cash this month and you are considering putting it toward your car loan

Finance

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.6%, your loan payments are $650 per month, an you have 36 months left on your loan. If you pay an additional $1,300 with your next regular $650 paymont (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 stops less than 6 decimal places) GD The new time left to pay off your loan will be 24 months. (Round to one decimal place.)

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