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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 2 percent per month interest on the overdue balance. |
If the current balance is $19,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Months for account to be paid off |
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