Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you can please answer this questions as soon as possible. Thank you. A ) Assume you have a balance of $ 3 5 0

If you can please answer this questions as soon as possible. Thank you. A) Assume you have a balance of $3500 on a credit card with an APR of 24%. You start making monthly payments of $250, but at the same time you charge an additional $100 per month to the credit card.
Assume that interest for a given month is based on the balance for the previous month. The following table shows you the headings that you should use in your table. Type these headings into a new blank Excel file and use Excel formulas starting in month 1 to extend the table to show the balance at the end of each month until the debt is paid off. Round your numbers to the nearest cent.
B) How long does it take to pay off the credit card debt?
INCLUDE THE FORMULA OR SOLUTION HOW TO ANSWER EACH BOXES.
(Put the answer to part b below the table in your Excel File)
\table[[A,B,D,C,,],[,Months,\table[[Beginning],[Balance]],Interest,Payment,Expenses,\table[[Ending],[Balance]]],[1,0,,,,,$3500.00
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Derivatives Markets

Authors: Robert L. McDonald

2nd Edition

032128030X, 978-0321280305

More Books

Students also viewed these Finance questions