SHOW WORK AND STEPS ON EXCEL

SHOW WORK AND STEPS ON EXCEL

SHOW WORK AND STEPS ON EXCEL

SHOW WORK AND STEPS ON EXCEL

Exercise 3.18. Suppose you get a credit card and charge up $535.22 in the first month, but then stop making purchases. Suppose they charge 21.99% APR for purchases and that the minimum payment is 5.5% of the balance or $25, whichever is higher. After how many payments will you have to pay the $25 instead of the 5.5%