i need to do this problem with Excel, can you pls help me with this problem. Tha

Question

i need to do this problem with Excel, can you pls help me with this problem. Thanks

The typical American household owes approximately dollar15,000 in credit card debt. Assume you owe this amount and today is the end of the billing cycle for your credit card. You vow not to put another charge on your credit card until this debt is paid off. Your credit card has an APR of 18% and payments are calculated as 2% of outstanding balance or $15, whichever is greater. Determine: How many years will it take to pay the entire amount assuming you only make the minimum payments? At what month does the payment hit the dollar15 minimum? What is the total amount paid? What is the total amount of interest paid?

Explanation / Answer

Assume that APR is for annual i.e 18% per annum

Refer uploaded excel sheet for Calculation.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.