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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 $520 per month. You will charge .92 percent per month interest on the overdue balance.
If the current balance is $14,740, 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
We can calculate the number of months by using the following formula in excel:-
=nper(rate,pmt,-pv,fv)
Here,
Nper = Number of months
Rate = 0.92% (monthly)
Pmt = $520
PV = $14,740
FV = $0
Substituting the values in formula:
= nper(0.92%,520,-14740,0)
= 32.99 months
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