Offering two repayment plans to phil for long overdue loan

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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 ?$3,500 at the end of the year at an interest rate of 23% 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?

Reference no: EM131844246

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