You are carrying a balance of 1,613 on your credit card. Your financial institution charges interest based on your balance at the end of the billing period, at the end of each month. There is no grace period. Use Excel to determine how long it will take you to pay off the entire balance if you are making a minimum monthly payment of $50 and you are not making any additional purchases on your credit card. Attach the excel sheet to show your work. (Assume APR of 21% compounded monthly.)

1. How many years (and months) will it take?
2. How much interest will you pay in total?