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 1.45 percent per month interest on the overdue balance. If the current balance is $13,500, how long will it take for the account to be paid off? (D. not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Months for account to be paid off months
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 1.45 percent per month interest on the overdue balance. If the current balance is $13,500, how long will it take for the account to be paid off? (D. not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Months for account to be paid off 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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Transcribed Image Text: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 1.45 percent per
month interest on the overdue balance.
If the current balance is $13,500, 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
months
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