Question

(A) Karev has taken out a $200,000 loan with an annual rate of 11percent compounded monthly to pay off hospital bills from his wife​ Izzy's illness. If the most he can afford to pay is $3,500 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 $4,000 per​ month? Use five decimal places for the monthly percentage rate in your calculations.

(B) If he takes out a loan of $48,000 at an annual rate of 11 percent compounded monthly and make monthly payments of $650, how long will it take to pay off the loan? Use five decimal places for the monthly percentage rate in your calculations.

(C)

Answer 1