Number of payments. Tony is offering two repayment plans to Phil for a long overdue...
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Number of payments. Tony is offering two repayment plans to Phil for a long overdue loan, Offer 1 is to receive a viat from an enforcer and the debt is due in ful at once. Offer 2 is to pay back $3,500 at the end of the year at an interest rate of 23% until Phil pays of the loan principal. Phil owes Tony $13,000. How long wil it take for Phit to pay off the loan if he takes offer 2 ? How long will it take for Phil to pay off the loan if he takes ofler 2 ? years (Round to two decimal places.)
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