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Sue has a current balance of $20,000 on her credit card. She has a minimum monthly payment of $500 and an APR of 17.25% (divide
Sue has a current balance of $20,000 on her credit card. She has a minimum monthly payment of $500 and an APR of 17.25% (divide by 12 to get the monthly rate). How many months will it take Sue to pay off her credit card debt?
Can you please break down how you would input in excel with the full amount she will pay with interest included to eliminate the credit card debt, and the number of months it will take to pay off.
Thank you.
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