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One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to...

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Finance

One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to a repayment schedule of $674 per month. You will charge 1.32 % per month interest on the overdue balance.

If the current balance is $13,130, how many years will it take for the account to be paid off? (Round your final answer to 1 decimal place. Do not round intermediate calculations).

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