A property development agreement valued at $47,000 requires annual lease payments of $7,500. The first payment...

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A property development agreement valued at $47,000 requires annual lease payments of $7,500. The first payment is due three years after the date of the agreement and interest is 9% compounded monthly. For how long will payments be made? The payments will be made for year(s) and month(s). (Type whole numbers.) A property development agreement valued at $47,000 requires annual lease payments of $7,500. The first payment is due three years after the date of the agreement and interest is 9% compounded monthly. For how long will payments be made? The payments will be made for year(s) and month(s). (Type whole numbers.)