One of your customer's is delinquent on his accounts payable balance. You have mutually agreed to a repayment schedule of $660 per month. You will charge 1.06 percent per month interest on the overdue balance. If the current balance is $14,880, how long will it take to for the account to be paid off? Please show all answers and calculations.
Calculating Time Period required to repay,
Using TVM Calculation,
N = [PV = 14,880, PMT = -660, FV = 0, I = 0.0106]
N = 26
Time Period = 26 months
One of your customer's is delinquent on his accounts payable balance. You have mutually agreed to...
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