Does anyone know how to solve both of these true and false questions?

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.

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

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