(Annuity number of periods) Alex Karev has taken out a $220,000 loan with an annual rate of 9 percent compounded monthly to pay off hospital bills from his wife Izzy's illness. If the most Alex 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. a. If Alex can pay $3,500 per month, the number of years it takes for him to pay off the loan is years. (Round one decimal place.)

(Annuity number of periods) Alex Karev has taken out a $220,000 loan with an annual rate of 9 percent compounded monthly to pay off hospital bills from his wife Izzy's illness. If the most Alex 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. a. If Alex can pay $3,500 per month, the number of years it takes for him to pay off the loan is years. (Round one decimal place.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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(Annuity number of periods) Alex Karev has taken out a $180,000 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. 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.)
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 years. B. How long will it take for him to pay off the loan if he can pay $3,500 per month?
Alex Karez has taken out a loan of $180,000 with an annual rate of 11% compounded monthly to pay off hospital bills from his wife lzzy's illness, If the most Alex can afford to pay is $3,500 a month, how long will to pay off the loan? How long will it take to pay off the loan if he can pay $4000 each month? If Alex can pay S3,500 a month, how many years will it take to pay off the loan? To pay for your education you have taken out $28,000 in student loans. If you make monthly payments over 13 years at 6% compounded monthly, how much are your monthly student loan payments?
Alex Karez has taken out a loan of $180,000 with an annual rate of 11% compounded monthly to pay off hospital bills from his wife lzzy's illness, If the most Alex can afford to pay is $3,500 a month, how long will to pay off the loan? How long will it take to pay off the loan if he can pay $4000 each month? If Alex can pay S3,500 a month, how many years will it take to pay off the loan?
Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new convection range in nine months, and the account pays 7.2% annual interest. What are her monthly payments to the account? To have $600 in the fund in nine months, her monthly payments must be $. (Round up to the nearest cent.) jes jes Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Creck Answer To see what to study next, go to your Study Plan. 99
Holly Krech is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive a payout of $1,900 per month for twenty years. (a) How much money must she deposit if her money earns 7.8% interest compounded monthly? (Round your answer to the nearest cent.)___________ $ (b) Find the total amount that Holly will receive from her payout annuity. Thank you!
Alex Karev has taken out a $210,000 loan with an annual rate of 11 percent compounded monthly to pay off hospital bills from his wife Izzy illness. If the most Alex can afford to pay is $3500 per month how long will it take to pay off the loan?
The Fergusons want to purchase their first home and need $14,300 for a down payment. They can save $1,025 per quarter. If they deposit this amount in an account paying 3% interest compounded quarterly, how long will it be before they can purchase a home? (Solution should be entered in years accurate to the hundredths decimal place)
An individual needs $12,000 immediately as a down payment on a new home. Suppose that he can borrow this money from his insurance company. He must repay the loan in equal payments every six months over the next eight years. The nominal interest rate being charged is 7% compounded continuously. What is the amount of each payment?
Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.91%, how much will she be able to save in 5 years? Assume that the compounding is being done monthly. She will be able to save $ in 5 years. (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. All narts showing teljavascript:doExercise(7): Clear All Check Answer answers to questions asked by student like you 99 a
A person needs $17,700 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 11 years. The annual interest rate being charged is 11% compounded continuously. What is the amount of each payment?
Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,700 per month for twenty five years. His money earns 7.3% interest compounded monthly. (Round your answers to the nearest cent.) (a) How large a monthly payment must Dean Gooch make if he saves for his payout annuity with an ordinary annuity, which he sets up thirty years before his retirement? (The two annuities pay the same interest rate.) (b) How large a monthly payment must he make if he set the ordinary annuity up twenty years before his retirement?

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