One of your customers has just made a purchase in the amount of $27,200. You have agreed to payments of $575 per month and will charge a monthly interest rate of 1.41 percent. How many months will it take for the account to be paid off? Multiple Choice: 36.50 months 84.57 months 78.53 months 73.30 months 47.30 months
One of your customers has just made a purchase in the amount of $27,200. You have agreed to payments of $575 per month and will charge a monthly interest rate of 1.41 percent. How many months will it take for the account to be paid off? Multiple Choice: 36.50 months 84.57 months 78.53 months 73.30 months 47.30 months
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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One of your customers has just made a purchase in the amount of $27,200. You have agreed to payments of $575 per month and will charge a monthly interest rate of 1.41 percent. How many months will it take for the account to be paid off?
One of your customers has just made a purchase in the amount of $27,200. You have agreed to payments of $575 per month and will charge a monthly interest rate of 1.41 percent. How many months will it take for the account to be paid off?
Multiple Choice:
36.50 months
84.57 months
78.53 months
73.30 months
47.30 months
Expert Solution
Step 1
Step 1
The average number of days it takes a business to meet its unpaid commitments to its suppliers is known as the average payment period.
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