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Graham purchased a business by agreeing to make three payments of $ 1 3 , 0 0 0 . 0 0 each in 2 months,

Graham purchased a business by agreeing to make three payments of $13,000.00 each in 2 months, 7 months, and 10 months. Because of cash flow difficulties, he renegotiated the payment schedule so that he would pay $18,300.00 in 5 months, $11,000.00 in 16 months, and a third payment of $11,000.00. In how many years should he make the third payment if interest is 8% compounded monthly? State your answer in years and months (from 0 to 11 months).
The payment of $11,000.00 can be fulfilled in (Round down to the nearest month.)
year(s) and months).

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