The typical American household owes approximately $8,000 in credit card debt. Assume you owe this amount today, will not to put another charge on your credit card, and will make the minimum payment until this debt is paid off. Your credit card has an APR of 18% and minimum payments are calculated as 2% of outstanding balance or $15, whichever is greater. Using two (2) decimal places for dollar amounts, determine: a) How many years will it take to pay the entire amount assuming you only make the minimum payments? b) At what month does the payment hit the $15 minimum? c) What is the total amount paid? d) What is the total amount of interest paid?

I need this to be solved using excel and the formula are shown. thank you.

File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments PIT Calibri AutoSum 11 == A a Wrap Text General 47 X Cut [Copy Format Painter Fill Paste Insert Delete Format BIU + + Merge & Center $ % 9.8 Clear Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analyze Data Clipboard Font Alignment Number Cells Editing Analysis M11 fax B D E F G . J K L M N 0 Q R A 1 BB 2 APR 3 Payment 4 5 6 n BB Interest Payment EB a) b) c) d) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26