Problem 4-19 Calculating Number of Periods 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 answer to 2 decimal places, e.g., 32.16.)
Problem 4-19 Calculating Number of Periods 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 answer to 2 decimal places, e.g., 32.16.)
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter6: Using Credit
Section: Chapter Questions
Problem 9FPE
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Problem 4-19 Calculating Number of Periods 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 answer to 2 decimal places, e.g., 32.16.)
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