Question

finance help with calculator

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 0.9 percent permonth interest on the overdue balance.

Required:
If the current balance is $14,720, how long will it take for the account to be paid off?
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Answer #1

PMT = 500
i = 0.9%
PV = 14720

calculate N in the calculator

we get N = 125 months
= 10 years and 5 months

Please rate my answer!
Thanks in advance :)

answered by: urgh!!! :(
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