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= Homework: Chapter 6 Homework Question 4, P6-14 (simila... Part 1 of 2 > HW...

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= Homework: Chapter 6 Homework Question 4, P6-14 (simila... Part 1 of 2 > HW Score: 60%, 12 of 20 points Points: 0 of 3 Save (Annuity number of periods) Alex Karev has taken out a $180,000 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 years. (Round to one decimal place.)

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