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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 visit from an enforcer and the debt is due in full at once. Offer 2 is to pay
back $4 , 000 at the end of the year at an interest rate of 24% until Phil pays off the loan
principal. Phil owes Tony $12 , 000 . How long will it take for Phil 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 offer 2 ? years (Round to
two decimal places.)

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  • 1. 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 $4 , 000 at the end of the year at an interest rate of 24% until Phil pays off the loan principal. Phil owes Tony $12 , 000 . How long will it take for Phil 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 offer 2 ? years (Round to two decimal places.)