Imagine that you borrowed $10,000 on a credit card which charges a variable rate. The required minimum
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Question:
Imagine that you borrowed $10,000 on a credit card which charges a variable rate. The required minimum payment for the loan is only the interest.
The minimum monthly payment will be the larger of:
1) The prime rate, or,
2) 18.79% APR
Show all of the work for this calculation in one user-defined function.
Make a VBA function to calculate the loan's payment. Test it out on the dataset provided. .
As an example: if the interest rate was 10% APR and you had a balance of $10,000, your monthly payment (interest only) would be $83.33.
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