Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:One of your customers has a delinquent accounts payable balance. You've mutually agreed to a repayment schedule of $500 per
month. You will charge 1.8 percent per month interest on the overdue balance. If the current balance is $18,000, how long will it take
for the account to be paid off?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
Answer is complete but not entirely correct.
Number of months
4.07 x
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