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19-10-2022
Mathematics

Answered

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?
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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

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