Excel Problem 1 Use the Excel template provided for this problem. Create the spr
ID: 2516149 • Letter: E
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Excel Problem 1 Use the Excel template provided for this problem. Create the spreadsheet necessary to answer the questions on the next page. The formulas are given below. Turn in your Excel file to the Assignments section of Blackboard. Turn in the answers to the questions on page 2 to the Assignments section of Bb (with your Excel file). So there are two files to turn in: this Word file and the Excel file. Use the Excel template to solve the following problem: Tracey charged $4,800 (cell D3) of stuff to her credit card while Christmas shopping. Her credit card company charges 1.5% (cell D4) interest per month and has a minimum monthly payment of 2.5% (cell D6) of the balance or S20 (cell D7), whichever is greater. Use the template provided to set up the spreadsheet below to determine how many months it will take Tracey to pay off the $4,800 balance on her credit card if she always makes the minimum monthly payment and doesn't charge any additional stuff to her card. US ET?ETEMPLATE 1. Input these formulas for the following cells: Formula Cell G10 cil D11 Ell F11 G11 -G10 IFE11 SDS6-SDS7,E11 SDS6,IF SDS7 E1LSDS7.EIL) E11-F11 Select cells C11:G11 (this means all the cells in row 11 from columns C through G). Copy these cells all the way down through Row 244. To copy: See the tiny little box in the corner of cell G11? Put the fat plus sign on that box until it turns skinny. When it turns to a skinny plus sign, left click and hold, and then drag down to Row 244. 2. 3. With the fat plus sign inside one of the highlighted cells, right click. Select Format Ceis, Currency, and two decimal places. Change "Symbol" to None (it might already be set at None). 4. Input these formulas for the following cells: CellFormula D245 F245 F247 D245/F245 SUM(D11:D244) SUM(F 1 1 :F244) ? 5. Answer the questions on the next page. NOTE: don't look at the Row number when answering the questions, look at the number in Column B.Explanation / Answer
Tracy took 19 years and 6 months to pay off her balance
Total amount paid by Tracy to Credit Card Company is $ 11,013.46
56.42% of the total paid to Credit Card Company was towards Interest payment.
After 10 years Tracy owe $ 1373.16 to Credit Card Company
After changing the value in cell D3 to $ 1000 Tracy will take 6 Years and 11 months to pay off the full amount.
After changing the value in cell D3 to $ 500 Tracy will take 2 Years and 8 months to pay off the full amount.
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