A borrower will have two options for repaying a loan. The first option is to make a payment of $6,000 on December 1, 2003 and a payment of $4,000 on December 1, 2004. The second option is to make a single payment of $12,000 N months after December 1, 2003. Assuming that the two options have the same value on December 1, 2003, if the interest rate is an annual effective rate of 6%, determine N.