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Amortizing A Personal loan

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One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $600 per month. You will charge .6 percent per month interest on the overdue balance. If the current balance is $16,823.05, it will take ??? months for the account to be paid off.

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Solution Summary

This solution shows how to determine the amount of time it will take to pay off a loan given the initial principle, interest rate and amount of the monthly payment.

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M=monthly payment=600

I= interest rate per ...

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