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For his business, Nicholas leased equipment valued at $28,000. The terms of the lease required payments of $1550 every month. If the first payment is

For his business, Nicholas leased equipment valued at $28,000. The terms of the lease required payments of $1550 every month. If the first payment is due six months after the lease was signed and interest is 6% 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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