I solved this problem by using Excei and explicily calculating the balance and interest at the end of each month. You may be able to solve using Excel functions. You have accumulated credit card debt =$5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card =20%. Interest compounds monthly. You pay interest at end of month 1 on balance outstanding at end of time 0 , You pay interest at end of month 2 on balance outstanding at end of time 1 . and s0,0n. Your balance at the end of month 24 is less than $3,000. True False