1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
stiks02 [169]
3 years ago
8

Alex Karev has taken out a ​$ loan with an annual rate of percent compounded monthly to pay off hospital bills from his wife​ Iz

zy's illness. If the most Alex can afford to pay is ​$ 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 ​$ per​ month? Use five decimal places for the monthly percentage rate in your calculations.
Business
1 answer:
Tom [10]3 years ago
4 0

Answer:

the question is incomplete, so I looked for a similar one:

<em>Alex Karev has taken out a ​$180,000 loan with an annual rate of 11% 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?</em>

PVIFA = $180,000 / $3,500 = 51.42857

PVIFA = [1 - 1/(1 + i)ⁿ ] / i = [1 - 1/(1 + 0.11/12)ⁿ] / 0.11/12

51.42857 x 0.11/12 = 1 - 1/(1 + 0.11/12)ⁿ

0.47143 = 1 - 1/(1 + 0.11/12)ⁿ

1/(1 + 0.11/12)ⁿ = 1 - 0.47143 = 0.52857

1 / 0.52857 = (1 + 0.11/12)ⁿ

1.89189 = 1.009167ⁿ

n = log 1.89189 / log 1.009167 = 0.2769 / 0.003963 = 69.87

n = 69.87 months

PVIFA = $180,000 / $4,000 = 45

PVIFA = [1 - 1/(1 + i)ⁿ ] / i = [1 - 1/(1 + 0.11/12)ⁿ] / 0.11/12

45 x 0.11/12 = 1 - 1/(1 + 0.11/12)ⁿ

0.4125 = 1 - 1/(1 + 0.11/12)ⁿ

1/(1 + 0.11/12)ⁿ = 1 - 0.4125 = 0.5875

1 / 0.5875 = (1 + 0.11/12)ⁿ

1.70213 = 1.009167ⁿ

n = log 1.70213 / log 1.009167 = 0.23099 / 0.003963 = 58.29

n = 58.29 months

You might be interested in
What are mutual funds are
lana [24]

Answer:

Mutual Funds are simply a way to pool money together and buy more stocks. You invest into a mutual fund along with many other people. Then your pooled money is invested by the manager of the mutual fund. They are generally conisdered safe as they are run by "stock gurus".

3 0
2 years ago
Given the following information, determine the cost of goods manufactured and the cost of goods sold for the year ended December
natulia [17]

Answer:

$731,000 and $684,000

Explanation:

The computations are shown below:

For cost of goods manufactured    

= Direct materials used + Direct labor cost + Manufacturing overhead incurred + opening work-in-process inventory - closing work-in-process inventory    

= $271,000 + $126,000 + $359,000 + $193,000 - $218,000

= $731,000

For cost of goods sold

= Opening finished goods Inventory + Cost of goods manufactured - Ending finished goods Inventory

= $395,000 + $731,000 - $442,000

= $684,000

4 0
3 years ago
3. Ali invested two stocks, A and B. he invested
Stels [109]

Answer:

10%

Explanation:

7 0
2 years ago
A data safety monitoring board report for an investigator-initiated investigational drug study indicates a significantly higher
Vaselesa [24]

Answer:

This can be classified as an unanticipated problem.

Explanation:

During an investigational drug study the rate of risk of expected adverse events is indicated to be greater than what was initially expected. The current subjects need to be reconsented and the consent form needs to be updated to include this higher rate

Since the rate of an expected adverse event is greater than what was anticipated in the beginning and puts subjects and others at risk, this poses an unanticipated problem.

5 0
3 years ago
How is an online bank different from a retail bank?
puteri [66]
An online bank has a lower operating cost than a retail bank. 
6 0
3 years ago
Read 2 more answers
Other questions:
  • Benefits provide ______ and variable pay provides _____.
    10·1 answer
  • Enrollment in a particular class for the last four semesters has been 122, 128, 100, and 155 (listed from oldest to most recent)
    14·1 answer
  • Assuming sticky prices and given expectations of future exchange rates, what is the short-run effect on the exchange rate of the
    5·1 answer
  • Suppose we are a distributor that uses safety stock and a reorder point for inventory management. If we can find a more consiste
    5·1 answer
  • Hunt Advertising is collaborating on an initiative with the Odessa Arts Council, a nonprofit organization, by providing public-r
    13·1 answer
  • True or false one of the advantages of a home equity loan is that you can borrow money anytime up to the approved amount
    11·1 answer
  • Brad could no longer stand the smell emanating from his neighbor Clarence's compost heap that grew more odorous as the summer pr
    6·1 answer
  • The Baldwin Company currently has the following balances on their balance sheet: Total Assets $256,555 Total Liabilities $149,32
    11·1 answer
  • I LOVE YOU ALL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! HOPE U R DOING BEYOND AMAZING REMEMBER TO NEVER CHANGE WHO U R FOR ANYONE OR ANY
    5·2 answers
  • The following units of a particular item were available for sale during the year:
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!