The irs charges 3 in interest for each month the payment is


Lionel has to pay a penalty for filing his taxes late. The IRS charges 3% in interest for each month the payment is late. Lionel's original tax bill was $8,000, but he now owes $16,262.35.

How many years late is his payment?

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Financial Management: The irs charges 3 in interest for each month the payment is
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