3 ( 0 1 2 3 4 5 6 78 21 22 23 24 Discover both how much is paid and how long it takes to pay off a $2300 credit card debt paying the minimum payment which is the maximum of 3% of the Starting Balance or a Set Amount of $25. The credit card has 23% APR compounded monthly. Find out how long it takes to pay this off and how much will be paid total. Assume payments are made on the current balance at the beginning of each period (month), before interest is accrued and assuming that the card is not being used for any additional charges. 25 26 27 28 29 30 31 Starting Balance Payments per Year 9 20 5b Below enter Excel formulas with cell references and appropriate built-in APR Set Amount Percentage Based Payment Maximum Minimum Payment Period 1 2 3 4 5 6 Excel formulas to calculate the Current Balance, Payment, Balance After Payment, and Interest for each Period. You should continue to fill in the rows until you reach a balance of O. Note that the Current Balance for Period 1 is completed for you. $25.00 23% 5a These are the starting parameters, use cell references to these values in your formulas in part 5b. Enter the appropriate values from above. Then calculate the $25.00 Percent Based Payment using an Excel formula with cell references and the Maximu of 12 the Set Amount and Percentage Based Payment using a built-in Excel function with cell references. $25.00 $69.00 Format all percentages as Percentages to two decimal places, all currency values as Currency to two decimal places, and Number of Payments as Number to zero decimal $69.00 places. Format all cells as Currency with 2 decimal places. Current Balance After Payment Balance Instructions Payment Write-up Interest If a cell is shaded Blue Green Gold Any other color Income and Projection Legend 5c Use the table from 5b to calculate the Number of Years to Pay Off (based on the number of Months found), Total Amount Paid, and Amount of Total Interest Paid. Number of Years to Pay Off Total Amount Paid Amount of Total Interest Paid Student Loans Format the Number of Years to Pay Off as a Number with 2 of Total decimal places and the Total Amount Paid and Arc Interest Paid as Currency with 2 decimal places. You should Enter a text response Enter a number Enter an Excel formula Make no changes Mortgage Rates Credit Cards Annua