from the first example using the minumum payment formula

continue the second table or create another table with the credit card example

balance and how long it would take to pay it all off

op wrap text Merge & Center - BI - - o-A- $ - % 9 88- Conditional Format as Cell Formatting Table Styles Delete - Format Opboard Alignment Suppose you charge your credit card until you reach a balance of $1251 73. If this card had a APR of 18. 75and a minimum payment of 4%, what will your balance be after 3 months? When will your balance drop below $500? Minimum Payment Formula s If you pay the minimum of the credit card initial Balance $1.251.73 APR 0.1875 of current balance Monthly Interest Rate Minimum Payment 0015625 0.04 Balance 74 02337 3 years to reach at leasts 2 Months 60 You're charged inance Charge Months Adjusted Balance Method To find out how long it'll take to end it - $18.91 $17.85 $17.40 $16.97 $16.54 NON-SEBES Previous Balance $1 251.73 $1,220.44 $1.189.93 $1,160.18 $1 131.17 $1 102 89 $1,075 32 $1,048 44 $1,02223 $996.67 $971.76 $947.46 $923 77 S900 $878 16 585621 $8.34 80 381393 Purchases $0.00 $0.00 $0.00 $0.00 $0 00 $0.00 $0.00 $0.00 $0.00 5000 $0.00 $0.00 L Payments $50,07 $48.82 547.60 $46.41 $45.25 $44.12 94301 $41.94 54099 $39 87 $38 87 $37.90 $36.95 $3503 535.13 534 25 5 33.39 $52.56 New Balance $1.220.44 $1.189.93 $1,160.18 $1,131 17 $1,10289 $1,075 32 $1,048 44 $1,022 23 $996.67 $971 76 $947.46 5000 $15.73 515 33 $14.95 $14.58 $1421 51386 $1351 51317 51234 $1252 51221 $0.00 $0 00 5900 58 3878 16 $856.21 S000 SR130 $0.00 3000 19359 Minimum Payment Search Help AutoSave Om B 2 File Home Insert X Calibri I Paste BIU 8 Draw 11 - A Finance Project ROUGH DRAFT - Excel Formulas Data Review View = Wrap Text Merge & Center - F Page Layout -A A A C General $ - % -48 Conditional Format as Cell Formatting Table Styles Styles Alisent Number Clipboard Credit Credit Expenses Capital One Balance Payment 2,000.00 1,200.00 Due Date 60.00 APR Minimum Payment Months Balance Initial Balance 2,800 Monthly Interest Rate 0.020833333 0.25 0.06 $2.800.00 Month Purchases Finance Charge Previous Balance 2,000.00 Payments 60.00 New Balance DOWN 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Savings and Investments Loan Credit Cards Budget Sheet Ready Type here to search O e a $