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Accounting

Problem:

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $660 per month. You will charge 1.06 percent per month interest on the overdue balance.

Required:

Question: If the current balance is $14,880, how long will it take for the account to be paid off?

Note: Provide support for your rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168710

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