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Making Calculations and Comments About Finanaces

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Please help with the following problem. Give the solution in an Excel spreadsheet.

An individual has charged $13,573 on his or her credit card at an annual interest rate of 19.9% compounded monthly. Explain to him or her the difficulties that he or she can foresee in future years of interest getting out of control. Give 5-year and 10-year debt projections based on the individual paying the minimum $200 monthly payment.

Prepare the calculations of the problem in an Excel spreadsheet. Make any comments within your spreadsheet on the difficulties encountered.

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Solution Summary

This solution helps prepare calculations and make comments about finances. The solution is provided in an Excel spreadsheet.

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Dear Student,

Thank you for using BM.
Below are my answers.

Sincerely,
Anna Liza Gaspar

ANSWERS
Please see attached file for answers.

1. Compute the monthly interest rate
Interest rate, annual 19.90%
Compunding 12 months
Interest rate, monthly 1.52%

2. Identify other given
Total ...

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