Mia Lane bought a high-definition television for $7,500. Based on her income, she could afford to pay back only $600 per month.
There is 1 ½% monthly interest charge on the unpaid balance. The U.S. Rule is used in the calculation. At the end of month 1, the balance outstanding is:
1 answer:
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Answer:
44.88 days
Explanation:
Note: The full question is attached
Average amount of accounts receivables = ($16,000+$14,000)/2
Average amount of accounts receivables = $15,000
Average days to collect receivables = Days * AR / Credit sales
= 365 * $15,000 / $122,000
= 44.87704918032787 days
= 44.88 days
