How much interest have you paid the bank over that time

Assignment Help Operation Management

Reference no: EM1388236

You currently owe $5,317 on a Visa credit card. Your bank charges you 16.9% (annual) interest. For simplicity, assume they compound the interest monthly. That is, they add one twelfth the annual rate times the outstanding balance, each month.

You figure you will stop adding new charges to this card and pay it off at $90 a month. Create a spreadsheet that uses these assumptions as input. Use absolute (not cell/range names) and relative cell references appropriately. Show the remaining balance each month for the next year and a half (18 payments).

(Hint: the easiest way to get a list of dates one month apart is to use the EDATE() function--check Help)

Answer the following questions:
1.How much will you still owe at the end of 18 months.
2.How much interest have you paid the bank over that time period.

As for all assignments, answer the questions on the spreadsheet and attach the Excel spreadsheet file as your submission.

Reference no: EM1388236

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