Number of payments. Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is a visit from an enforcer and the debt is due in full at once. Offer 2 is to pay back $4,200 at the end of the year at 24% interest rate until the loan principal is paid off. Phil owes Tony $10,000. How long will it take for Phil to pay off the loan if he takes Offer 2?