One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $500 per month. You will charge 1.25 percent per month interest on the overdue balance. If the current balance is $11,500, how long will it take for the account to be paid off

27.29 months

Explanation:

Using Present Value Annuity (PV A):

PV A = c  x (1- 1/(1+r)^t)/r

c = Monthly repayment

t = time it will take to pay off

r = rate of interest per month

$ 11,500 = $500 x (1 – 1 / (1+0.0125)^t / 0.0125

When you solve this problem you get:  

1/(1+0.0125)t = 1 – (($11,500)(0.0125) / ($500))

1/1.0125^t = 0.7125

1.0125^t = 1/0.7125

1.0125^t = 1.4035

t = In 1.4035 / In 1.0125

t = 27.29 months

steering wheels are always situated on the left side of the car.

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hashed or broken lines means you may change lanes when it is safe.

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hashed or broken yellow lines mean you can carefully pass, paying attention to oncoming traffic.

never cross a solid yellow line (or double yellow line).

when turning left at an intersection, pass in front of any cars that are turning left from the opposing direction (do not try to pass behind them).

use the left lane to pass other cars traveling your direction.

do not pass in the right lane unless absolutely necessary.

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come to a complete stop whenever you see pedestrians trying to cross the street.

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be particularly careful about driving in cities with bike lanes -- always check before turning that a bike is not coming.

it is mandatory to pull over or stop at an intersection to allow an emergency vehicle to pass you if you see one traveling with lights flashing and/or a siren running.

do not overuse your car horn. horns are used almost exclusively for emergency situations or for when you feel unsafe.

explanation:

answer; conceptual skills;