The increased payment shave off the loan

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Reference no: EM131549624

A person takes out a a 4-year car loan of $25,000 with a fixed rate of 4.8% that compounds monthly. Suppose the vehicle owner simply pays an extra $100 towards the principal each month, starting at the beginning of the loan. How many full months does the increased payment shave off the loan?

Reference no: EM131549624

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