One of your customers is delinquent on his accounts payable balance. You’ve mutu

Question

One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $750 per month. You will charge 2.1 percent per month interest on the overdue balance.

If the current balance is $20,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $750 per month. You will charge 2.1 percent per month interest on the overdue balance.

If the current balance is $20,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Explanation / Answer

NPER(0.021,750,-20000,0)=39.50 months

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