help with this question

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help with this question

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lemonlemonlemon

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help with this question

« on: June 12, 2018, 09:57:37 am »

Rachel and Andrew decided to get a new family car and borrowed $35000 and agreed to repay the loan over 7 year with quarterly payments and interest debited at 6.8% per annum.
Four years into the loan, Andrew had taken up a second job. They decided to increase the quarterly payment by an additional $350
Calculate the actual term of thel loan.

The answer is 6 years 4.92 months

but wouldn't they pay the loan by rounding it up by 2 quarters = 6 months

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lemonlemonlemon

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