True or false

$1.$ I solved this problem by using Excel and explicitly 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 so$,$ on$.......$

Your card balance at the end of month $12$ is over $$4,000.$

$2.$ I solved this problem by using Excel and explicitly 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 so$,$ on$.......$

Your balance at the end of month $24$ is less than $$3,000.$

$3.$ I solved this problem by using Excel and explicitly 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 so$,$ on$.......$

Interest paid over two years is greater than $$1,200$