Problem related to the car loan

Reference no: EM131778274

Question: 1. You took out a new car loan for $6,000. The monthly payment is $107.61 and the interest rate is 3 paid year (0.25%/month) for 60 months. You decided you can afford to pay an additional $220 each month along with the regular monthly payment. After how many payments (months) will the load be off? (Enter your answer a number without the units.)

2. Every year you deposit $1 000 into an account that earns o.5% interest per year. will be the balance of your account immediately after the 30th deposit? (Enter your answer as a number without the dollar sign.)

Reference no: EM131778274

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