Posted: March 20th, 2017

One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $500 per month.

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 1.7 percent per month interest on the overdue balance. If the current balance is $16,000, how long will it take for the account to be paid off? Also prepare repayment table over this time period.