USE EXCEL PLEASE SIMPLE TERMS AND CALCULATIONS

During his studies, Marc accumulated a debt of $5000 on his Visa card that charges 18.9% interest per year, and his minimum payment is $150 a month.

A) How many months will it take Marc to pay off his credit card, if he pays the current minimum payment of $150 at the end of each month? (Hint: Convert the yearly interest to monthly)

Marc finds a job and decides to increase his payments to $250 at the end of each month

instead of $150.

B) How many months will it take him to pay off his credit card?

Marc wins the lottery and is given the following choice. He can either take $60,000 at the end of each year for 25 years, or a lump sum of $700,000.

C) Determine what interest rate he would have to beat for the lump sum to be the better choice.

USE EXCEL