Extra payment on the first month of each year

Reference no: EM13700861

Jim borrows $52000 from a local bank at an APR of 7.2% compounded monthly. His monthly payments are $52000(A/P, 0.6%, 54) = $1128 for a 54 month loan. If Jim makes an extra payment on the first month of each year, his repayment duration for the loan will be reduced to how many months?

Reference no: EM13700861

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