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9 October, 01:54

One of your customers is delinquent on his accounts payable balance. you've mutually agreed to a repayment schedule of $630 per month. you will charge 1.03 percent per month interest on the overdue balance. if the current balance is $14,850, 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.) number of months

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  1. 9 October, 04:10
    0
    27.14 months

    Explanation:

    to calculate how long it will take to pay the loan, we can use an excel spreadsheet and the NPER function:

    =NPER (rate, payment,-loan)

    payment = 630 rate = 1.03 loan balance = 14,850

    =NPER (1.03%,630,14850) = 27.14 months
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