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One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to a repayment schedule of $500 per month. You will charge
One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to a repayment schedule of $500 per month. You will charge 1.65 percent per month interest on the overdue balance. | |
If the current balance is $15,500, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)
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