One of your costumers is delinquent on his account payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.5 percent per month interest on the overdue balance. If the current balance is 18,000 how long will it take for the account to be paid off?

What would be the formula to use in this exercise? i have to enter it into excel and i must be able to see the actual formula for time with Present Value and Payments, please.

HOME DATA REVIEW VIEW Caliber BTU INSERT PAGE LAYOUT FORMULAS -11 A A 3 % R A Alignment Number M Editina Celle Conditional Format as Cell Formatting Table Styles Styles Font 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 1.5 h interest on the overdue balance. If the current balance is $18,000, how long will it take for the account to be paid off? Monthly payment Discount rate Current balance 500 1.5% 18,000 Complete the following analysis. Do not hard code values in your calculations. Number of months until paid off ... Sheet1 ... + D