Question
(Annuity number of periods) Alex Karev has taken out a 210,000$ loan with an annual rate of 9 percent compounded monthly to pay off hospital
(Annuity number of periods) Alex Karev has taken out a 210,000$ loan with an annual rate of 9 percent compounded monthly to pay off hospital bills from his wife Izzy's illness. If the most Alex can afford to pay is $2,500 per month, how long will it take to pay off the loan? How long will it take for him to pay off the loan if he can pay $3,000 per month? Use five decimal places for the monthly percentage rate in your calculations
a. If alex can pay $2,500 per month, the number of years it takes for him to pay off the loan is __ years. (round to nearest decimal place)
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