Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

4. Merchandising Operations

Net Sales

Financial Accounting

4. Merchandising Operations

Net Sales

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Multiple Choice

If Zach makes 154 monthly payments to pay off a $910 debt, how many years will it take him to pay off the debt?

6.42 years

7.5 years

9.25 years

12.83 years

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Verified step by step guidance

Step 1: Understand the problem. Zach is making monthly payments to pay off a debt, and we need to determine how many years it will take him to pay off the debt based on the number of monthly payments (154).

Step 2: Recall the relationship between months and years. There are 12 months in a year, so to convert months into years, divide the total number of months by 12.

Step 3: Set up the formula for conversion: $ \text{Years} = \frac{\text{Total Months}}{12} $. Substitute the given value of 154 months into the formula.

Step 4: Perform the division operation: $ \text{Years} = \frac{154}{12} $. This will give the number of years it takes Zach to pay off the debt.

Step 5: Interpret the result. If the division yields a decimal, round it appropriately or leave it as a decimal depending on the context of the problem.