Loan: Money that is borrowed for certain period and supposed to be paid back with interest is called loan. It is normally paid back in installment. Major examples are car loan, home loan and education loan. To Calculate: The time reduced due to additional payment of $1,000 with next installment.

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Chapter 5, Problem 24P

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Loan: Money that is borrowed for certain period and supposed to be paid back with interest is called loan. It is normally paid back in installment. Major examples are car loan, home loan and education loan.

To Calculate: The time reduced due to additional payment of $1,000 with next installment.

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