Posted: November 25th, 2022

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 $500 per month. You will charge 1.40 percent per month interest on the overdue balance.

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If the current balance is $13,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

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