James is making payments of $275 per month for his car. The purchase price of the car was $15,000 and James paid a down payment of $4,000. How long will James take to repay the car loan if interest is 7.5% compounded quarterly?

Compounded Quarterly

Interest added to the principal sum every quarter, or four times a year, resulting in the interest of the next period being calculated on the new total.

Car Loan

A sum of money borrowed to purchase a car, which is expected to be paid back with interest over a set period of time.

Down Payment

An initial upfront portion of the total amount due, typically associated with the purchase of expensive items like cars or real estate, to secure the deal.