An elderly woman is considering a "reverse mortgage," in which her bank will pay her $1,500 per month for the rest of her life. In exchange for this, the bank gets ownership of her home on her death, but nothing else, no matter how long she lives. Her home is currently worth $150,000 and, due to an extremely stable real estate market in her town, is expected to retain (but not increase)

that value in the future. If the appropriate APR for this reverse mortgage is 10 percent, and if the first $1,500 payment will be received exactly one month after she signs the paperwork, the bank will make money on this deal only if they gain ownership of the home in less than: (round your answer down to the closest month)

a. 2 years, 9 months

b. 6 years, 1 month

c. 8 years, 4 months

d. 12 years, 6 months