Calculation Of Compounded Monthly Interest For Accounts Overdue
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Question
CompuSystems was supposed to pay a manufacturer $19,000 four month ago and another $14,000 two months from now. CompuSystems is proposing to pay $10,000 today and the balance in 5 months, when it will receive payment on the major sale to the provincial government. What will the payment be in five months if the manufacturer requires 18% compounded monthly because the account is overdue?
Summary
The question belongs to Accounting and it discusses about calculation of compounded monthly interest for an overdue account.
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