ne of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $660 per month. You will charge 1.06 percent per month interest on the overdue balance. If the current balance is $14,880, 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.)
ne of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $660 per month. You will charge 1.06 percent per month interest on the overdue balance. If the current balance is $14,880, 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.)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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Question
One of your customers is delinquent on his accounts payable balance. You've mutually
agreed to a repayment schedule of $660 per month. You will charge 1.06 percent per
month interest on the overdue balance.
If the current balance is $14,880, 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.)
Expert Solution
Step 1
Current balances to be paid off equal payments that carry the interest and principal that are to be paid off over period of time.
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