Alex Karev has taken out a $200,000 loan with an annual rate of 8 percent compounded monthly
Question:
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 to pay the loan off? How long will it take for him to pay off the loan if he can pay $2,000 per month?
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Loan problems are annuity present value problems Thus to determine the number of 1500 monthlypayment...View the full answer
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Related Book For 
Financial Management Principles and Applications
ISBN: 978-0133423822
12th edition
Authors: Sheridan Titman, Arthur Keown, John Martin
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