One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $600 per month. You will charge 1.0 percent per month interest on the overdue balance.       If the current balance is $14,820, 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.)         Number of 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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One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $600 per month. You will charge 1.0 percent per month interest on the overdue balance.

 
   

If the current balance is $14,820, 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.)

 
   
 
Number of months
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