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

graham purchased a business by agreeing to make three payments of $12,000.00 each in 2months,9months, and 13 months. Because of cash flow difficulties, he renegotiated the payment schedule so that he would pay $15,200.00 in 5months,$11,000.00 in 13months, 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).

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