In your reflective essay, you will address various questions/issues, so begin by choosing one of the scenarios, reading through list of questions, and taking notes on what you come up with. Scenario A: Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. 1 Choose a credit card balance between $5,000 and $15,000 to do your calculations, using an 18% APR. 2 Access the \"Credit Card and Compound Interest Worksheet" and first use Part 1) Determine the number of years of payments needed based on the credit card debt, interest rate, and payments size, then use Part 2) Determine a payment based on credit card debt, interest rate, and number of years until paid off. Use Parts 1 and 2 to perform the following calculations: 3 Calculate how long it would take to pay off the credit card balance paying only the minimum payment. 4 Choose an amount of time between 2 and 10 years and calculate the monthly payment required to pay off the credit card balance in that amount of time. 5 Choose any amount over the minimum monthly payment and determine how long it would take to pay off the credit balance. MMl50 Unit 6 Discussion Board Calculator Choose Scenario A or Scenario E and enter values in the cetls markgd with gray arrows. lillhen you enter a value, the sprcadsheet will advance lo the next editable cell. Scroll up or down lo view the desired area of the spreadsheet, icenario A: Paying the minimum :redit card paid off early. [. Calculate how long it would take to pay offthe credit card balance paying only the mi.imum payment. :redit card balance 51s,0oo.oo +tnte. an amo!nt between Ss,000 and S15,000 ,eariy interest rare 187. l!4q!9d m,nimlm payment iumber l. tnter your esttm ,ted min mun montypaymenr. 2143 lrn s s the number oiye rs rounded to the nearen hund.edth. fyouget ar he,e, you have ch( sen a monthly payment that s too smallforyo!r lenor 5230 00 ofyeaGtopayoff: Calculate the monthly payment required to pay off the credit card balanc in an amqunt of time between 2 and 10 /ears, 515,000.00 Th s ls the same credlt card balancefrom Part 1 18%Thls is the sameAPn from Parr 1. :stihated number ofyears 3 ENTERanumberofyears(between2:nd10yeats)yo!woutdtketr have you. credit cafd pa d off rn. )aynent needed to pay offr 5542.29lrh's 's lhe monthly pa/me.r ihat would be requlred to pay offthe balance n rhp h^tPn -, mhpi ^l!.r'( l. Choose any amount over the minimum monthly paymefiltu determine how long it would take to pay off the ;redit card balance. balance /earryAPR :ttimated monthly payment. :red t card 51s,000.00 This 6 the same credt ci rd ba ance trom Pari 1 18% Th6 i the eame APn fror ENTER an amoun i thdt Egreatertha.theminrmum month y 5600.00 !ayment {cell 87)from lumber of yea6 to pay off: 2_63 ls the number orye rs rounded tothe nearn hundredth. Slnceyou [ri]ls paying more lhan th :minrBUm month ly p.ym ent chosen n Part 1,, the Fre homber of years here wi I be less than whatyou obtained i. Part ). ;cenario B: lrryepting a smaller amount be nonth besinfi*,later in life. 1g early in life versus investing more each |.. Determine the future value ofan investment based on monthly payment, number ofcompounding periods, tumber of years you are investing, and interest rate. 5100.00 :ompounding Periods Per Year 'lumbef ofyears to m.ke this investment \ nua lyearly) interest rate \\mount in your accounr G6igitr''. ENTIR an amounl between 5100 a.d 5500. This itthe amount thal you wildepos t ntothe accounteach month. 12This isset to 12 according toScenario B. 20