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
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