ur customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590 per month and will charge a monthly interest rate of 1.44 percent. How many months will it take for the account to be paid off? Multiple Choice a. 75.08 months B. 86.63 months C. 80.44 months D. 47.46 months

ur customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590 per month and will charge a monthly interest rate of 1.44 percent. How many months will it take for the account to be paid off? Multiple Choice a. 75.08 months B. 86.63 months C. 80.44 months D. 47.46 months

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Question

One of your customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590
per month and will charge a monthly interest rate of 1.44 percent. How many months will it take for the account to be
paid off?

Multiple Choice
a. 75.08 months
B. 86.63 months

C. 80.44 months
D. 47.46 months
E. 36.43 months

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