Is the interest rate given?
When was the 13th month advance payment paid, Dec.15 or January 15?
Sasha took in a car loan with a maturity of 5 years in which the first payment was on December 2016. Right after paying the first month on December 15, she made an advance payment for two (2) months and he intends to pay extra month every two months. In addition, she also dedicates his 13th month (13 month is equivalent to 2 & a half month) for an additional advance payment. Assuming that there are no late payments and everything goes well at what month and year will the loan matures?
3 answers
The interest rate is not given, and the 13th month advance payment will be paid on January 15
Sorry, more details required.
The following details seem to be subject to interpretation. Please give your comments.
1. the advance payment in December is a prepayment for the next two months. Does that practice continue for the rest of the loan repayment?
2. Is the 13th month dedicated to repayment every year, or just the first year.
3. When does the first extra month repayment start, February 1st?
The following details seem to be subject to interpretation. Please give your comments.
1. the advance payment in December is a prepayment for the next two months. Does that practice continue for the rest of the loan repayment?
2. Is the 13th month dedicated to repayment every year, or just the first year.
3. When does the first extra month repayment start, February 1st?