Solved: How to reduce amount of loan, Financial Accounting

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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?

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Financial Accounting: How to reduce amount of loan

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