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?

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Question: A person takes out a a 4-year car loan of $25,000 with a fixed rate of 4.8% that compounds monthl…
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