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For his business, Nicholas leased equipment valued at $23000 The terms of the lease required payments of $1600 every month.If the first payment is due

For his business, Nicholas leased equipment valued at $23000 The terms of the lease required payments of $1600 every month.If the first payment is due six months after the lease was signed and interest is 7% compounded semi-annually, what is the term of the lease? State your answer in years and months (from 0 to 11 months).

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