

Credit Card Worksheet
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 
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 
... 
... 
... 
... 
... 
... 
... 
... 




