contestada

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 1.9 percent per month interest on the overdue balance. If the current balance is $18,000, 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.) Months for account to be paid off months

Respuesta :

muhammadtalhashoaib

Answer:

32.34 months

Explanation:

A = monthly payment amount P = loan amount i = monthly interest rate n = total number of payments.

A = 750, P = 18000 i = 0.019 n = n.

Need to find n.

Monthly payment formula is:

[tex]A=\frac{P*i}{1-(1+i)^{-n} }[/tex]

[tex]1-(1+i)^{-n}=\frac{P*i}{ A}\\1-(1+0.019)^{-n}=\frac{18000*0.019}{ 750}\\[/tex]

[tex]1-(1+0.019)^{-n}=0.456\\-(1+0.019)^{-n}=0.456-1\\(1+0.019)^{-n} = 0.544\\-n * ln(1.019) =ln (0.544)\\[/tex]

[tex]-n * 0.018821754241 =-0.60880603213\\n= 32.34 months[/tex]

Otras preguntas