One of your customers is delinquent on his accounts payable, Financial Management

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One of your customers is delinquent on his accounts payable

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 1.3 percent per month interest on the overdue balance.

If the current balance is $12,000, 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.)

Months for account to be paid off

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