The Bad Guys Co. is notoriously known as a slow-payer. They currently need to borrow $25,000 and only one company will even deal with them. The terms of the loan call for daily payments of $30.76. The first payment is due today. The interest rate is 21% compounded daily. What is the time period of this loan? Assume 365 days a year.

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The loan amount is $25,000, and the daily payment is $30.76. With an interest rate of 21% compounded daily, the time period can be calculated using the formula for the present value of an annuity. Solving for the number of days gives approximately 1,095 days, which is about 3.00 years.