Customers is delinquent on accounts payable balance

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Reference no: EM131047314

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 1.55 percent per month interest on the overdue balance. If the current balance is $14,500, how long will it take for the account to be paid off?

You’re prepared to make monthly payments of $330, beginning at the end of this month, into an account that pays 7.4 percent interest compounded monthly. How many payments will you have made when your account balance reaches $24,000?

Reference no: EM131047314

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