George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with...
George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with a 7.20% interest rate compounded monthly. At the end of the second year, George plans on making a $3,167.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments. How many months remain on the loan after the extra payment is made? (Do not round)
Homework Answers
EMI = Loan / {PVAF ( r%, n) ]
= 18718 / PVAF ( 0.6%, 60)
= 18718 / 50.2621
= 372.41
Loan AMortization:
Loan after 2 Years = 12025.26
Principal Repaid = 3167
Bal = 8858.26
Thus 25 Months remain after making extra paymant
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