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How long would it take for him to pay off the loan

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Question: Alex Karev has taken out a $200000 loan with an annual interest rate of 8% compounded monthly to pay for an extension to his house. If the most Alex can afford to pay towards his loan is $1500 per month, how long will it take to pay off the loan? How long would it take for him to pay off the loan if he can pay $2000 per month?

Reference no: EM133438999

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