One of your customers has a current balance of $21,000 in his accounts payable balance. You...

 

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One of your customers has a current balance of $21,000 in his accounts payable balance. You agree to charge a 12 percent interest compounded monthly on the overdue balance with a repayment schedule of $450 per month. How long will it take for the account to be paid off? One of your customers has a current balance of $21,000 in his accounts payable balance. You agree to charge a 12 percent interest compounded monthly on the overdue balance with a repayment schedule of $450 per month. How long will it take for the account to be paid off?

Answer rating: 100% (QA)

To determine how long it will take for the account to be paid off given a current balance of 21000 a... View the full answer