You best friend, Ian, has $$7,350$ in credit card debt and pays an interest rate of $29\mathrm{.}9\%($he missed one payment$).$ He says he only pay the minimum required each month, which is $4\%$ of the loan BALANCE $($this means the payment changes for each month and is based on the amount OWED at the end of each month$)$ or $$20/$month whichever is greater.

He tells you this is great because he pays the minimum payment and it is very affordable. You tell him he is making a very bad financial decision because he will be paying on this debt for a very, very long time and that he will pay a huge amount of interest. Ian does not believe anything until he sees it$,$ so you will create an amortization tables that will show him the number of payments it will take until he pays it off.

Excel worksheet and show formulas