One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment

Question:

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.1 percent per month interest on the overdue balance. If the current balance is $18,450, how long will it take for the account to be paid off?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...