Question: create a table on EXCEL to see when the example capital one credit card will be paid off in 60 months using this table no
General Calibri BIU- 11 AA ==> A Merge & Center - $ - % 248-98 Conditional Format as Cell Formatting Table Styles Styles Font Alignment Number Credit Credit Expenses Capital One Balance Payment 2,000.00 $1,878.00 0.04 Initial Balance APR Minimum Payment Months Balance Monthly interest Rate 0.25 0.020833333 2,800 0.04 60 $833.15 Month Previous Balance Payments Purchases Finance Charge New Balance 2,000.00 40.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Suppose you change your credit card until you reach a balance of $1251.73. If this card had 5 APR of 18.75% and a minimum payment of 4%, what will your balance be after 3 month? When will your balance drop below $500? Minimum Poyment Formula Initial Baland you pay the minimum of the credit card $1.251.73 A RB 0.1875 3 of current bolonco I hly Interest inimum Paymd 0.015625 004 Balance Ana 274.02337 lvears to read Adjusted Balance Method To find out how longit'll take to end Months 1 Months 6 0 You're charged Finance Charge $16.78 $18.31 $17,05 $117.40 $16.97 165 $16.13 15.13 $1533 $14.95 . onloolalelele - - Fleelela s . Previous Balansel Payments Purchases $1,251.73 $50.07 $0.00 $1,220.44 $48.82 $0.00 $1,183.33 $47.60 0700 $1.160.18 | 146.41 SOTOO $1,131.17 $45.25 $0.00 $1,102.09 $44.12 $0.00 S10532 $43.01 30.00 $1,040.44 141.34 $0.00 $1,022.23 $40.89 $0.00 $336.67 $39.87 $0.00 $971.76 $38.87 SO100 $347.46 $37.90 50.00 $323.77 $36.95 $0.00 $30068 36.03 $0.00 1878.16 $35.13 $0.00 $856.21 $32425 $0.00 1834.80 $33 $0.00 1813,33 $32.56 $0.00 $733.53 3170.00 $773.75 $30.95 50.00 $754 40 $30.18 0.00 $735.54 $23.42 $0.00 17 15 926763 30.00 3637322 $27.37 $0.00 $6.1.14 $27 27 30.00 $664.70 $26.53 30.00 $646.08 2532 $0.00 1631.68 5.28 $0.00 1616.08 $25.00 $0.00 $600.32 325000 $0.00 $56431 $25.00 $0.00 $25000 30.00 395153 $0.00 3334.76 SP5100 $0.00 $517.73 $25.00 TOTOO $500.42 $2TOO SOTOO 40.275 STOO $0.00 $14.21 $13.86 $13.51 $13.17 512784 $12.52 51221 1190 S1161 Now Balance $1,220.44 $1,189.83 $1,160.18 $1.131.17 $1.102.89 $1,075.32 $1026 44 $1.022.23 $996.67 $971.76 1947.46 $323.77 $300.68 $878.16 $856.21 1834.80 $813.33 $793.59 $773.75 $750.40 $735.54 | 15. $69922 0681.74 $664.70 1640.08 $631,5 $16.08 $600.32 ellllllIITTI . ..... ala 255 $11.03 $10.76 $10.49 S1023 $9.97 $3.72 9.48 $3.24 0.93 10.16 10.49 $123 $566.05 335153 1504.76 17.43 17.15 $500 1482.85 5465 01
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