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for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal
for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.) (Annuity number of periods) Alex Karev has taken out a $200,000 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 $2,000 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 $2,500 per month? Use five decimal places for the monthly percentage rate in your calculations. a. If Alex can pay $2,000 per month, the number of years it takes for him to pay off the loan is years. (Round to one decimal place.) (Annuity interest rate) Your folks just called and would like some advice from you. An insurance agent just called them and offered them the opportunity to purchase an annuity for $11,933.75 that will pay them $2,000 per year for 20 years. They don't have the slightest idea what return they would be making on their investment of $11,933.75. What rate of return would they be earning? The annual rate of return your folks would be earning on their investment is \%. (Round to two decimal places.)
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