Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to a repayment schedule of $540 per month. You will charge

One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to a repayment schedule of $540 per month. You will charge .94 percent per month interest on the overdue balance.

Required:

If the current balance is $14,760, how long will it take for the account to be paid off? (Do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

DeFi And The Future Of Finance

Authors: Campbell R. Harvey, Ashwin Ramachandran, Joey Santoro, Vitalik Buterin, Fred Ehrsam

1st Edition

1119836018, 978-1119836018

More Books

Students also viewed these Finance questions