Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is a visit from an enforcer and the debt due in full at once. Offer 2 is to pay back $3,900 per year at 20% interest rate until Tony 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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