Question 1

You bought a MacBookPro at $9,999 with your credit card on 2 Sep 2020.

This transaction was billed in the credit statement dated on 15 Sep 2020 and the payment due date is on 1 Oct 2020. We could also assume that the payment due date is always on the 1st of each month in the future. According to the Terms and Conditions of the credit card, the APR for Retail Purchase is 34.04% and interest is compounded daily. The minimum payment is determined by the maximum of $330 or the sum of all fees and charges plus 1% of the new balance after deducting the amount of fees and charges. Given that there is no other fees and charges and you did not buy anything else with the credit card, what is the total amount you have to pay to pay off this debt if you could only afford the minimum payment every month?

How to use the excel to solve it?