Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $ 5 6 0 per month.

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $560 per month. You will charge .96 percent per month interest on the overdue balance. If the current balance is $14,780, how long will it take for the account to be paid off?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
Number of months
image text in transcribed

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

Money, Banking And Financial Markets

Authors: Stephen G. Cecchetti, Kermit L. Schoenholtz

3rd Global Edition

1259071197, 9781259071195

More Books

Students also viewed these Finance questions