George costanza has just taken out an 2215700 60-month car, Ask an Expert

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George Costanza has just taken out an $22,157.00, 60-month car loan from his local bank with a 12.00% interest rate compounded monthly. At the end of the second year, George plans on making a $2,807.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments.

What is the balance remaining on the loan after the extra payment to principal is made? (This happens after year 2...)

How many months remain on the loan after the extra payment is made?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92797213

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