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

  

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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 1.65 percent per month interest on the overdue balance. If the current balance is $15,500, 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 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 1.65 percent per month interest on the overdue balance. If the current balance is $15,500, 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

Answer rating: 100% (QA)

To find out how long it will take to pay off the account we can use the formula for ... View the full answer