Your latest Mastercard statement says you owe $8,248.21 on your 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 plan to stop adding new charges to this card and you will pay $130 a month to reduce the debt. 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 best way to get a list of dates one month apart is to use the EDATE() function--check Help on how to use it)

Answer the following questions:

How much will you still owe at the end of 18 months.

How much interest have you paid the bank over that time period.

What is the total amount you have paid on this card in that time period

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