I. Credit Cards

You have a credit card with a current balance of $$150.$ The interest rate is $13\mathrm{.}99\%$ and you use this card to pay your cell phone bill of $$89$ each month. That is now the only time you use this card.

Reminders:

Finance charge is found by dividing the interest rate by $12$ and then multiplying by the carryover balance. This formula is entered for you!

Excel is a calculator, and you can perform any mathematical calculation by first starting with an equal sign $(=).$

You can autofill columns by dragging on the little green square in the bottom right corner of a cell. At times, you may double$-$click this square and the formula will automatically populate in the cells below it$.$

Use Excel to answer the following questions:

If your minimum payment is $15\%$ of your new balance, what is the remaining balance of your card in month $13($line $14$ in Excel$)?$