This problem is about credit card debt.?

Question

The minimum monthly payment charged of a certain credit card company for accounts carrying a balance is calculated as P150 plus the "finance charge" which we will take as being one twelfth of the annual interest rate (taken as 19%). That means that each month, the bank expects to paid 1.583% of what it is owed as a finance charge.

You are going to look at a hypothetical student who spends four years at the institute and borrows consistently on his credit card during that time. In a loan situation, the "principal" is the amount you owe the bank.

In column A, beneath the word "date", insert the numbers 1 through 48 down the column. Don't type these in manually - use a function or fill method for all cells after the first one or two.

Our student is going to charge P1000 worth of purchases to his credit card every month. In column B, labeled "principal", enter P1000 in the first cell, and use a function to add P1000 to this value each month through 48. By month 48, the "principal" should be P48000.

In column C, labeled "finance charge", enter a formula to calculate 1.583% of the number in the cell to left (i.e. the same row, in column B). Format both columns B and C to show the data as "currency" in peso and centavos.

Answer 1

Here's the Spreadhseet

http://www.dfi.ca.gov/ab865/ab865.asp

This minimum payment credit card calculator illustrates how much interest credit card holders pay when making only the minimum required payments on the monthly credit card statement.

The calculations are based on the approximate number of months, in addition to the approximate total cost, to repay an outstanding balance if the cardholder pays only the required minimum monthly payments (these figures can vary, see your credit card company disclosures).

Each page of the chart represents a different account balance amount beginning with $100 and increasing in $100 increments to $10,000. The chart also includes a list of interest rates beginning at 6 percent and increasing by 1 percentage point to a maximum of 25 percent, and minimum payment due ("MPD") of either 2, 3, 4, 5, or 10 percent of the balance of the original outstanding balance.

Answer 2

you have somewhat some ideas. a million) assessment your funds, hit upon any pointless expenditures and create a month-to-month funds which will help you pay off the debt. 2) A Debt administration Plan. the two use a Debt administration corporation or touch the credit card companies your self and attempt to barter a miles better association i.e. a decrease in the interest on the debt 3) Debt Consolidation own loan. in case you have tried this formerly and it worked then this could be your terrific selection. 4) a individual Voluntary association. If time-honored can bring about an significant factor of your debts being written off. An IVA will despite if require you to make a dedication of around 5 years. If the IVA fails in this time then maximum probable you would be made bankrupt. 5) financial disaster. gives you a assure that your debts would be cleared yet will probable lose any valubale aspects which you have. the terrific element to do is to talk to extra than a number of professional debt advisors. there are a number of which will furnish suggestion for unfastened. you need to do this formerly you devote to any single process action.

Answer 3

Engineering?