Reduce the amount of time left to pay off your loan

Assignment Help Financial Management
Reference no: EM13849044

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 $664 per month, and you have 36 months left on your loan. If you pay an additional $1,100 with your next regular $664 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 decimal places.)

Reference no: EM13849044

Questions Cloud

Bonds outstanding with coupon rate : Union Local School District has bonds outstanding with a coupon rate of 3.2 percent paid semiannually and 21 years to maturity. The yield to maturity on these bonds is 3.5 percent and the bonds have a par value of $5,000. What is the price of the bon..
The treatment of dental caries in preschool children : The treatment of dental caries in preschool children
Term paper should consist of an abstract-introduction : The impacts of the central bank's policy rate on the lending rate of the commercial banks. a case study of barclays bank of ghana limited. The term paper should consist of an Abstract, introduction, background, statement of the problem, objectives, h..
Taking one-third off time it takes to repay your mortgage : Your friend tells you he has a very simple trick for taking one-third off the time it takes to repay your mortgage: Use your Christmas bonus to make an extra payment on January 1 of each year.
Reduce the amount of time left to pay off your loan : 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 $664 per month, and you have 36 months left on your loan. If you pay an additional $1,100 with your next r..
Examine how social policy influences and explains : examine how social policy influences and explains
Outstanding student loan with required payments : You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide ..
Validity and reliability issues : Validity and Reliability Issues
Key advances in civil rights legislation : Write 5 page paper- Key advances in civil rights legislation: Civil Rights Act 1964 and Affirmative Action Legislation and Civil Rights aact/fair housing act 1968

Reviews

Write a Review

Financial Management Questions & Answers

  Calculate the total annual inventory costs

Calculate the following: avg number of orders. total annual inventory costs. If 50 orders are placed per year, what is the total annual inventory cost?

  Individual retirement account-earns tax-deferred interest

An individual retirement account, or IRA, earns tax-deferred interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30 years (from age 35 to 65) into stock mutual funds yielding 9.4%. Joe deposits ..

  How is beta affected by mergers in the airline industry

How is beta affected by mergers in the airline industry? For example, is the beta of merged American Airlines/U.S. Airways higher, lower, or unchanged from their betas as stand-alone companies? Prior to their merger in December 2013, the beta of Amer..

  Find the market risk premium-then find new portfolio beta

Assume that you manage a $10.00 million mutual fund that has a beta of 1.05 and a 9.50% required return. The risk-free rate is 2.20%. You now receive another $4.50 million, which you invest in stocks with an average beta of 0.65. What is the required..

  Annual effective rate on the sinking fund

Quetzalcoatl and Tonantzin each take out a 17-year loan of $L. Quetzalcoatl repays his loan using the amortization method, at an annual effective rate of i. He makes an annual payment of $500 at the end of each year.

  What is net gain or loss after accounting for premium paid

A call option on an S&P 500 futures contract has an exercise price of 1490; the call premium is currently $6.50. On the same date, a put option on the S&P 500 futures contract has an exercise price of 1490; the put premium is currently $7.50. The two..

  Explain the accounting information for financial management

Write a 700- to 1,000-word paper identifying the specific cost accounting system an organization utilizes and how it uses the accounting information for financial management. Your paper must include the following

  Firms expected rate of return

Preston Inc.'s stock has a 25% chance of producing a 30% return, a 50% chance of producing a 12% return, and a 25% chance of producing a -18% return. What is the firm's expected rate of return?

  Bergman is aware that there are some qualitative factors

Jules Bergman is aware that there are some qualitative factors that are relevant to the surgery center decision. What qualitative factors might support project acceptance? What qualitative factors might preclude project acceptance?

  Try to determine the required rate of return

Try to determine the required rate of return on Tilden Woods Corporation’s common stock. The firm’s beta is 1.62. The rate on a 10-year Treasury bond is 3.56 percent, and the market risk premium is 8.17 percent.

  Steve would like to buy a new car but should complete

1 steve would like to buy a new car but must complete a two-year commitment to the peace corp before he will drive the

  What is annualized return on investment

Suppose you buy stock at a price of $78 per share. Four months later, you sell it for $83. You also received a dividend of $.52 per share. What is your annualized return on this investment?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd