Question: A property worth $ 3 7 3 , 0 0 0 is purchased but payments are deferred for four years due to legal delays, causing

A property worth $

373, 000

is purchased but payments are deferred for four years due to legal delays, causing the loan value to increase due to compound interest. After four years, payments of $

5500

are then made at the end of every quarter and interest is

2.675 %

compounded quarterly. For how many years must payments be made?

Answer:

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