The following is a model representing how you might format a spreadsheet to help students determine how much time it would take them to pay off a credit card balance of $1,000. The figures below reflect an APR of 21.90% and a monthly payment of $100.

Credit Card Spreadsheet |
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What is the current balance on your credit card? | $1,000.00 | ||

What is the Annual Percentage Rate (APR) on your credit card? | 21.90% | ||

How much can you afford to pay each month? |
$100.00 | ||

Month | Balance | Interest | Remaining Balance after Payment |

1 | $1,000.00 | $16.64 | $916.64 |

2 | $916.64 | $15.25 | $831.89 |

3 | $831.89 | $13.84 | $745.73 |

4 | $745.73 | $12.41 | $658.14 |

5 | $658.14 | $10.95 | $569.09 |

6 | $569.09 | $9.47 | $478.56 |

7 | $478.56 | $7.96 | $386.53 |

8 | $386.53 | $6.43 | $292.96 |

9 | $292.96 | $4.87 | $197.83 |

10 | $197.83 | $3.29 | $101.12 |

11 | $101.12 | $1.68 | $2.81 |

12 | $2.81 | $0.05 | -$97.15 |

... | ... | ... | ... |

... |
... | ... | ... |