One of your customers is delinquent on his accounts payable


One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $660 per month. You will charge 1.06 percent per month interest on the overdue balance. Required: If the current balance is $14,880, how long will it take for the account to be paid off? (Do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Number of months

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