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For his business, Nicholas leased equipment valued at $25,000. The terms of the lease required payments of 51800 every month. If the first payment is
For his business, Nicholas leased equipment valued at $25,000. The terms of the lease required payments of 51800 every month. If the first payment is due nine months after the lease was signed and interest is 11% compounded quarterly, what is the term of the lease? State your answer in years and months (from 0 to 11 months) The term of the lease is year(s) and month(s) (Type whole numbers.)
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