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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 0.9 percent per month interest on the overdue balance. |
Required: |
If the current balance is $14,720, how long will it take for the account to be paid off? (Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) |
Number of months: |
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