How many more payments would we need to give

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We buy a car for $40,000. They charge us 8% annual interest. We pay the loan off quarterly. We want to know the effective annual ROR and the quarterly amount to pay off the loan in 6 years. Furthermore, if we had enough after 1 year, how much do we need to give the lender to amortize? If we gave the lender $6,000 in addition to our regular amount after 2 years, how many more payments would we need to give?

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Reference no: EM13849691

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