Question
Please solve using EXCEL You just returned from a fabulous ski vacation. The vacation cost a mere $10,000 dollars you put the vacation on your
Please solve using EXCEL
You just returned from a fabulous ski vacation. The vacation cost a mere $10,000 dollars you put the vacation on your gold credit card. You get a preferred rate of 19.9% compounded monthly. Your plan is to pay off the credit card by making the minimum monthly payment until it is retired.
a) Your minimum payment is 1% of the previous months outstanding balance plus accrued interest. The minimum monthly payment will be no lower than $25. How long does it take to pay off your vacation? How much interest do you pay on the vacation?
b) Your minimum payment is 2% of the previous months outstanding balance The minimum monthly payment will be no lower than $25. How long does it take to pay off your vacation? How much interest do you pay on the vacation?
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