(Calculating the number of annuity periods) Alex Karev has taken out a $200,000 loan with an annual...

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(Calculating the number of annuity periods) Alex Karev has taken out a $200,000 loan with an annual rate of 8 percent compounded monthly to pay off hospital bills from his wife Izzy’s illness. If the most Alex can afford to pay is $1,500 per month, how long will it take for him to pay off the loan? How long will it take for him to pay off the loan if he can pay $2,000 per month?

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