K (Annuity number of periods) Alex Karev has taken out a $220,000 loan with an annual...
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K (Annuity number of periods) Alex Karev has taken out a $220,000 loan with an annual rate of 12 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. 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.) years. (Round to K (Annuity number of periods) Alex Karev has taken out a $220,000 loan with an annual rate of 12 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. 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.) years. (Round to
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