Explore BrainMass

Explore BrainMass

    Amortizing A Personal loan

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com October 10, 2019, 3:06 am ad1c9bdddf

    Solution Preview

    M=monthly payment=600

    I= interest rate per ...

    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.