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One of your customers is delinquent on H agreed to a repayment schedule of $550 month interest on the overdue balance,

One of your customers is delinquent on H agreed to a repayment schedule of $550 month interest on the overdue balance,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9. Find the number of months
L MGMT_7120 Channel content - YouTube Stud X Question 9- HW5 - Co ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=D0&laum Saved One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $550 per month. You will charge .95 percent per month interest on the overdue balance. If the current balance is $14,770, 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.) Number of months w < Prev 9 of 9 Type here to search
Transcribed Image Text:L MGMT_7120 Channel content - YouTube Stud X Question 9- HW5 - Co ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=D0&laum Saved One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $550 per month. You will charge .95 percent per month interest on the overdue balance. If the current balance is $14,770, 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.) Number of months w < Prev 9 of 9 Type here to search
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