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One of your customers is delinquent on his accounts payable balance

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Posted on 
October 21st, 2021
Home Homework Help One of your customers is delinquent on his accounts payable balance

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 1.40 percent per month interest on the overdue balance.

 

 

 

If the current balance is $13,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

 

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