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Show your work in excel You maxed out your credit card buying gifts for your family, friends and a couple strangers. Now you owe $10,000!
Show your work in excel
You maxed out your credit card buying gifts for your family, friends and a couple strangers. Now you owe $10,000! You don't know what to do, so you go visit your Finance teacher. You both agree that you will NOT use your credit card again until you completely pay it off to zero. You agree on the following plan: Monthly payments 275 Credit Card Rate 17.99% annual rate Beginning Balance 10000 complete the Loan Amortization Table below and answer the following questions (Note: You will have to add months to the Amortization Table.) Months 1. How long will it take you to pay off the debt? 2. How much interest will you pay over the entire payment term? Month Begin Balance Payment Interest Principal Ending Balance 1 Total Interest PaidStep by Step Solution
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