I have attached a file with 20 questions needing help.

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....... Your balance at the end of month 24 is less than $3,000. True False 2. If you open a 529 College Savings plan you are locked into investing in low yielding risk free securities. True False 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....... By the end of three years you would have paid off your credit card debt. True False 4. 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....... Interest paid over two years is greater than $1,200 True False 5. The money invested in your 529 College Savings Plan grows deferred from federal and state income taxes. True False 6. You won't have to pay federal or state income taxes on the money you withdraw from your 529 College Savings Plan if the money is used to pay for qualified higher-education expenses. True False 7. If you are in default on a loan or other financial obligation your credit score can be damaged. You always have the option of paying $200 to get a higher credit score. True False 8. Information used to calculate your credit score can include: the number and type of accounts you have (credit cards, auto loans, mortgages, etc.); whether you pay your bills on time; how much of your available credit you are currently using; whether you have any collection actions against you; the amount of your outstanding debt; and Your political party True False 9. If you own a New York State 529 College Savings Plan, up to $10,000 is deductible annually from New York State taxable income for married couples filing jointly; single taxpayers can deduct up to $5,000 annually. True False 10. The annual percentage rate (APR) is a measure of the cost of credit, expressed as a yearly interest rate. The credit card issuer that issuers your credit card must disclose the APR before your account can be activated, and it must appear on your account statements. The card issuer also must disclose the \"periodic rate\" the rate applied to your outstanding balance to figure the finance charge for each billing period. True False 11. A credit score is a number that reflects the information in your credit report. The score summarizes your credit history and helps lenders predict how likely it is that you will repay a loan and make payments when they are due. Lenders may use credit scores in deciding whether to grant you credit, what terms you are offered, or the rate you will pay on a loan. True False 12. Some credit cards have variable annual percentage rates. The rate will vary based on the movement of a predetermined market interest rate. True False 13. If you are saving to finance a higher education, then you will have to save less to reach your goal if you save via a 529 college savings plan than if you simply buy the same investments as the plan but do it via an ordinary stock market account. True False 14. 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. True False 15. The rate of return on New York State 529 college savings plans is a guaranteed 12% per year. True False 16. 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....... Your card balance at the end of month 12 is over $4,000. True False 17. Because credit reports contain sensitive personal information, access to them is limited. Credit bureaus can provide credit reports only to lenders from whom you are seeking credit; lenders that have granted you credit; telephone, cell phone, and utility companies that may provide services to you; your employer or prospective employer, but only if you agree; insurance companies that have issued or may issue an insurance policy for you; government agencies reviewing your financial status for government benefits; and anyone else with a legitimate business need for the information, such as a potential landlord or a bank at which you are opening a checking account. Your professors Your colleagues at work Your business competitors. True False 18. 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. True False 19. A relatively low credit score is costly because it increases the cost of credit and this will translate into higher interest payments or in some cases denial of further credit. It is critical to manage your finances in a way that preserves a high credit rating. True False 20. The grace period a credit card issuer offers is the number of days you have to pay your bill in full without triggering a finance charge. True False