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One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $700 per month. You will charge 1 percent per month interest on the overdue balance. If the current balance is $16,000, how long will it take for the account to be paid off (rounded to the nearest month)? 24 O 30 26 28 32

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $700 per month. You will charge 1 percent per month interest on the overdue balance. If the current balance is $16,000, how long will it take for the account to be paid off (rounded to the nearest month)? 24 O 30 26 28 32

Essentials Of Investments
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 is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $700 per month. You will charge 1 percent per month interest on the overdue balance. If the current balance is $16,000, how long will it take for the account to be paid off (rounded to the nearest month)? 24 O 30 26 28 32
Transcribed Image Text:One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $700 per month. You will charge 1 percent per month interest on the overdue balance. If the current balance is $16,000, how long will it take for the account to be paid off (rounded to the nearest month)? 24 O 30 26 28 32
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