One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 16.8 percent interest, compounded daily, on the overdue balance. If the current balance is $17,340, how long will it take for the account to be paid off? Round to nearest whole year.
15 years
10 years
7 years
5 years
4 years