Are the following THREE problems true or false? I believe you need to use excel functions in order to answer. Please answer all 3 if you know how to do them!

1. I solved this problem by using Excel and explicitly calculating the balance and interest at the end of each month. You may be able to solve using Excel functions.

You have accumulated credit card debt = $5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card = 20%. Interest compounds monthly You pay interest at end of month 1 on balance outstanding at end of time 0. You pay interest at end of month 2 on balance outstanding at end of time 1. and so, on.

By the end of three years you would have paid off your credit card debt.

2. I solved this problem by using Excel and explicitly calculating the balance and interest at the end of each month. You may be able to solve using Excel functions.

You have accumulated credit card debt = $5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card = 20%. Interest compounds monthly You pay interest at end of month 1 on balance outstanding at end of time 0. You pay interest at end of month 2 on balance outstanding at end of time 1. and so, on.

After three years, your total interest payments would greater than $1,800.

3.I solved this problem by using Excel and explicitly calculating the balance and interest at the end of each month. You may be able to solve using Excel functions.

You have accumulated credit card debt = $5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card = 20%. Interest compounds monthly You pay interest at end of month 1 on balance outstanding at end of time 0. You pay interest at end of month 2 on balance outstanding at end of time 1. and so, on.

After five years, your credit card debt would finally be reduced to $0.