Question

You have a credit card with a balance of $14,200 and an APR of 18.2 percent compounded monthly. You have been making monthly payments of $270 per month, but you have received a substantial raise and will increase your monthly payments to $345 per month. How many months quicker will you be able to pay off the account?

Answer 1

fic =NPER(C2,C3,-C4,C5, C6) В А 1 2 RATE(i) 3 PMT 4 PV 5 FV 6 TYPE 7 NPER 8 Nper(rate,pmt,-pv,fv, type) 0.0151670.182/12 $270.00 14200 Rate Per Period Payment per period Present Value Future value Ending(0), Beginning(1) Total No.of Payments 106.14||NPER(0.182/12,270,-14200,0,0) o

H7 F =NPER(H2,H3,-H4, H5, H6) RATE 0.015167 0.182/12 $345.00 14200 PV Rate Per Period Payment per period Present Value Future value Ending(0), Beginning(1) Total No.of Payments FV TYPE NPER Nper(rate,pmt,-pv,fv, type) 65.03||NPER(0.182/12,345,-14200,0,0) Months Quicker 106.14-65.03 41.12 Months