Number of

payments.

Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is to receive a visit from an enforcer and the debt is due in full at once. Offer 2 is to pay back

$3,800

at the end of the year at an interest rate of

21%

until Phil pays off the loan principal. Phil owes Tony

$15,000.

How long will it take for Phil to pay off the loan if he takes offer 2?

Question content area bottom

Part 1

How long will it take for Phil to pay off the loan if he takes offer 2?

enter your response here

years(Round to two decimal places.)