hw3 11 12

(Annuity number of periods) How long will it take to pay off a loan of $50,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $500? Use five decimal places 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 $220,000 loan with an annual rate of 11 percent compounded monthly to pay off hospital bills from his wife Izzy's illness. If the most Alex can afford to pay is $3,000 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 $3,500 per month? Use five decimal places for the monthly percentage rate in your calculations years. (Round to a. If Alex can pay $3,000 per month, the number of years it takes for him to pay off the loan is one decimal place.)