Question
Homework 3 12) Alex Karev has taken out a $200000 loan with an annual rate of 9 percent compounded monthly to pay off hospital bills
Homework 3
12)
Alex Karev has taken out a $200000 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 $2500 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 $ 3000 per month? Use five decimal places for the monthly percentage rate in your calculations. Question content area bottom Part 1
a.If Alex can pay $ 2500 per month, the number of years it takes for him to pay off the loan is _____ year
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started