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|
 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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