Math 123 Quantitative Reasoning Section 10 Excel Credit Cards Assignment 1. Create an Excel spreadsheet that can do the calculations for the credit card below. Using formulas and the drag function of Excel (see the notes), find the values for 1 year of charges. You can start this by taking the finance charge in month 1. With a beginning balance of $2500 and no additional charges, there is no grace-period, you will just pay the minimum payment each month for the next year. The APR is 24.99% and the minimum payment each month is 8% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next year, and the starting balance for month 13: a. What is the total of the minimum payments? b. What is the total of the finance charges? c. How much does the starting balance decrease after one year of payments? d. The total of your finance charges is what percent of your total payments? e. Explain why making the minimum payment all the time is great for the credit card company, but not so great for the user. You will need to submit both your Excel spreadsheet and a Word document with the answers to the questions in order to receive full credit for this assignment.