Sarah has maxed out her credit card and owes $20,000. The annual interest on her credit card is 18%.

1. The minimum payment for some credit cards is 2% of what you owe. What is Sarahs payment?
2. Suppose Sarah continues to pay the amount found in part 1, how long until she has paid off her credit card dept? Assume she doesnt charge anything else.
3. What is the total amount she spent to cover the $20,000 debt?
4. Suppose Sarah decides to pay $550 per month, how long until she pays off the credit card?
5. How much does she save by paying $550 a month?
6. Suppose Sarah is getting married in 18 months, what should she pay every month to clear her credit card by the time she is married?

This assignment must be done using excel.