Question

Accounting Spreadsheet Assignment Credit Card You went on a binge. You've heard the old saying, "If you play, you're going to have to pay." The day of reckoning has arrived. Your current credit card balance is $10,000 с D E A 1 Your Name 2 Credit Card Payment Schedule 3 Date 4 5 Interest Rate XX% 6 7 Monthly Pymt SXXX.XX 8 9 Monthly 10 Month Payment 11 0 12 1 SXXX.XX Interest Principal Card Balance 10,000.00 XXX.XX $ $XXX XX $XXX XX Hint: Interest - Card Balance Interest Rate 1/12 USE FORMULAS WHEREVER POSSIBLE Required (if you desire full credit): a) Use dollar signs at the top of each column ONLY. b) Right justify each column heading, b) Format each cell with two decimal places and commas (where appropriate). d) Prepare for the first 30 months only (to comfortably fit each on one page). MasterCard. VISA Please submit the following three spreadsheets: 1) Payments are $300 per month with an interest rate of 9% 2) Payments are $300 per month with an interest rate of 12% 3) Payments are 3% of loan balance with an interest rate of 11%

Answer 1

a)
Credit Card Payment Schedule
Date
Interest Rate =	9.00%
Monthly Payments	300
Months	Monthly Payments $	Interest $	Principal $	Card Balance $
0				10,000.00
1	300.00	75.00	225.00	9,775.00
2	300.00	73.31	226.69	9,548.31
3	300.00	71.61	228.39	9,319.92
4	300.00	69.90	230.10	9,089.82
5	300.00	68.17	231.83	8,858.00
6	300.00	66.43	233.57	8,624.43
7	300.00	64.68	235.32	8,389.12
8	300.00	62.92	237.08	8,152.03
9	300.00	61.14	238.86	7,913.17
10	300.00	59.35	240.65	7,672.52
11	300.00	57.54	242.46	7,430.07
12	300.00	55.73	244.27	7,185.79
13	300.00	53.89	246.11	6,939.69
14	300.00	52.05	247.95	6,691.73
15	300.00	50.19	249.81	6,441.92
16	300.00	48.31	251.69	6,190.24
17	300.00	46.43	253.57	5,936.66
18	300.00	44.52	255.48	5,681.19
19	300.00	42.61	257.39	5,423.80
20	300.00	40.68	259.32	5,164.48
21	300.00	38.73	261.27	4,903.21
22	300.00	36.77	263.23	4,639.98
23	300.00	34.80	265.20	4,374.78
24	300.00	32.81	267.19	4,107.59
25	300.00	30.81	269.19	3,838.40
26	300.00	28.79	271.21	3,567.19
27	300.00	26.75	273.25	3,293.94
28	300.00	24.70	275.30	3,018.65
29	300.00	22.64	277.36	2,741.29
30	300.00	20.56	279.44	2,461.85
b)
Credit Card Payment Schedule
Date
Interest Rate =	12.00%
Monthly Payments	300
Months	Monthly Payments $	Interest $	Principal $	Card Balance $
0				10,000.00
1	300.00	100.00	200.00	9,800.00
2	300.00	98.00	202.00	9,598.00
3	300.00	95.98	204.02	9,393.98
4	300.00	93.94	206.06	9,187.92
5	300.00	91.88	208.12	8,979.80
6	300.00	89.80	210.20	8,769.60
7	300.00	87.70	212.30	8,557.29
8	300.00	85.57	214.43	8,342.87
9	300.00	83.43	216.57	8,126.29
10	300.00	81.26	218.74	7,907.56
11	300.00	79.08	220.92	7,686.63
12	300.00	76.87	223.13	7,463.50
13	300.00	74.63	225.37	7,238.13
14	300.00	72.38	227.62	7,010.52
15	300.00	70.11	229.89	6,780.62
16	300.00	67.81	232.19	6,548.43
17	300.00	65.48	234.52	6,313.91
18	300.00	63.14	236.86	6,077.05
19	300.00	60.77	239.23	5,837.82
20	300.00	58.38	241.62	5,596.20
21	300.00	55.96	244.04	5,352.16
22	300.00	53.52	246.48	5,105.68
23	300.00	51.06	248.94	4,856.74
24	300.00	48.57	251.43	4,605.31
25	300.00	46.05	253.95	4,351.36
26	300.00	43.51	256.49	4,094.87
27	300.00	40.95	259.05	3,835.82
28	300.00	38.36	261.64	3,574.18
29	300.00	35.74	264.26	3,309.92
30	300.00	33.10	266.90	3,043.02
c)
Credit Card Payment Schedule
Date
Interest Rate =	11.00%
Monthly Payments	300
Months	Monthly Payments $	Interest $	Principal $	Card Balance $
0				10,000.00
1	300.00	91.67	208.33	9,791.67
2	293.75	89.76	203.99	9,587.67
3	287.63	87.89	199.74	9,387.93
4	281.64	86.06	195.58	9,192.35
5	275.77	84.26	191.51	9,000.84
6	270.03	82.51	187.52	8,813.32
7	264.40	80.79	183.61	8,629.71
8	258.89	79.11	179.79	8,449.93
9	253.50	77.46	176.04	8,273.89
10	248.22	75.84	172.37	8,101.51
11	243.05	74.26	168.78	7,932.73
12	237.98	72.72	165.27	7,767.47
13	233.02	71.20	161.82	7,605.65
14	228.17	69.72	158.45	7,447.19
15	223.42	68.27	155.15	7,292.04
16	218.76	66.84	151.92	7,140.13
17	214.20	65.45	148.75	6,991.37
18	209.74	64.09	145.65	6,845.72
19	205.37	62.75	142.62	6,703.10
20	201.09	61.45	139.65	6,563.45
21	196.90	60.16	136.74	6,426.71
22	192.80	58.91	133.89	6,292.82
23	188.78	57.68	131.10	6,161.72
24	184.85	56.48	128.37	6,033.36
25	181.00	55.31	125.69	5,907.66
26	177.23	54.15	123.08	5,784.58
27	173.54	53.03	120.51	5,664.07
28	169.92	51.92	118.00	5,546.07
29	166.38	50.84	115.54	5,430.53
30	162.92	49.78	113.14	5,317.39

A B B с D E 1 a) 2 Credit Card Payment Schedule 3 Date 4 Interest Rate = 5 Monthly Payments 6 0.09 300 Monthly Payments $ Interests Principal $ 300 300 300 300 300 300 300 300 300 300 300 300 300 300 7 Months 80 91 10 2 11 3 12 4 13 5 14 6 *** 15 7 16 8 17 9 18 10 19 11 20 12 44 21 13 41 22 14 23 15 24 16 12 25 17 26 18 27 19 28 20 29 21 30 22 31 23 32 24 ar 33 25 34 26 ar 35 27 36 28 37 29 38 30 =E8*9% 1/12 E9*9% 1/12 =E10*9% 1/12 =E11.9% 1/12 ... =E12*9% 1/12 =E13.9% 1/12 ... =E14*9% 1/12 10 . =E15*9%*1/12 =E16*9%*1/12 =E17*9%*1/12 =E18*9%*1/12 =E19*9%*1/12 =E20*9%*1/12 =E21*9%*1/12 =E22*9%*1/12 =E23*9%*1/12 =E24*9%*1/12 =E25*9%*1/12 =E269% 1/12 19 =E279% 1/12 OS =E28°9% 1/12 =E29*9%*1/12 =E30*9% 1/12 LON =E31*9%*1/12 =E329% 1/12 -E2222*1112 =E339% 1/12 =E34*9%*1/12 =E35.9% 1/12 =E36 9% 1/12 =E379% 1/12 300 Card Balance $ 10000 =E8-D9 =E9-D10 =E10-D11 =E11-D12 =E12-D13 =E13-D14 r =E14-D15 E15-D16 =E16-D17 an =E17-D18 =E18-019 =E19-D20 =E20-D21 =E21-D22 =E22-D23 =E23-D24 =E24-D25 =E25-D26 =E26-D27 =E27 D28 =E28-D29 =E29-D30 =E30-D31 LES =E31-D32 PS =E32-D33 BA =E33-D34 =E34-D35 = =E35-D36 = =E36-D37 =E37-D38 =B9-09 =B10-010 =B11-C11 =B12-C12 =B13-C13 =B14-C14 =B15-C15 =B16-C16 =B17-C17 =B18-C18 =B19-C19 =B20-C20 =B21-C21 =B22-C22 =B23-C23 =B24-C24 =B25-C25 =B26-C26 =B27-C27 20 g =B28-C28 =B29-C29 =B30-C30 =B31-C31 =B32-C32 =B33-C33 =B34-C34 =B35-C35 =B36-C36 =B37-C37 =B38-C38 300 300 300 200 300 100 300 100 300 100 300 300 100 300 100 300 200 300 200 300 300 300 300

А B B с D E E 40 b) 41 Credit Card Payment Schedule 42 Date 43 Interest Rate = 44 Monthly Payments 45 0.12 300 Monthly Payments $ Interest $ Principal $ 300 300 300 300 300 300 300 300 300 300 300 300 300 300 46 Months 47 O 48 1 49 2 50 3 51 4 52 5 53 6 54 7 55 8 56 9 57 10 58 11 59 12 60 13 61 14 62 15 63 16 64 17 65 18 40 66 19 67 20 68 21 69 22 70 23 71 24 72 25 73 26 74 27 75 28 76 29 77 30 =E47*12% 1/12 =E48*12%*1/12 =E49*12%*1/12 =E50*12% 1/12 =E51*12%*1/12 =E52*12%*1/12 =E53*12%*1/12 =E54*12%*1/12 =E55*12%*1/12 =E56*12%*1/12 =E57*12%*1/12 =E58*12%*1/12 =E59*12%*1/12 =E60*12%*1/12 =E61*12%*1/12 =E62*12%*1/12 =E63 12% 1/12 112 =E64 12% 1/12 = 65°12% 1/12 LECCE =E66°12% 1/12 Red =E6712% 1/12 ros =E6812% 1/12 =E69 12% 1/12 =E70*12% 1/12 ve =E71*12% 1/12 =E72*12% 1/12 -E22128361/12 =E73 12% 1/12 =E74.12% 1/12 =E75*12%*1/12 =E76*12%*1/12 300 Card Balance $ 10000 =E47-D48 =E48-049 =E49-D50 =E50-D51 -E51-D52 =E52-D53 2014 -E53-054 =E54-D55 =E55-D56 =E56-D57 =E57-058 -E58-D59 =E59-D60 =E60-D61 =E61-D62 -E62-D63 =E63-D64 =E64-D65 LECE DEC =E65-D66 LEGE =E66-D67 =E67-D68 ren =E68-D69 LEGO 2 =E69-D70 LER =E70-D71 =E71-D72 =- =E72-D73 =E73-D74 =E74-D75 = =E75-D76 =E76-D77 = =B48-C48 =B49-C49 =B50-C50 =B51-C51 =B52-C52 =- =B53-C53 =- =B54-C54 =B55-C55 =B56-C56 =B57-C57 =B58-058 =B59-C59 =B60-C60 =B61-C61 =B62-C62 =B63-C63 =B64-C64 =B65-C65 LPCCCCC =B66-C66 =367-C67 =B68-C68 =B69-C69 =B70-C70 -24 =B71-C71 - =B72-C72 =B73-C73 =B74-C74 = =B75-C75 =B76-C76 =B77-C77 300 300 300 200 300 100 300 100 300 100 300 300 100 300 100 300 200 300 200 300 300 300 300

78C) 79 Credit Card Payment Schedule 80 Date 81 Interest Rate = 82 Monthly Payments 83 0.11 300 Monthly Payments $ Interest $ Principal $ 84 Months 85 O 86 1 87 2 88 3 89 4 90 5 91 6 92 7 93 8 94 9 95 10 96 11 --- 97 12 98 13 99 14 100 15 101 16 102 17 103 18 104 19 105 20 1063 106 21 107 107 22 108 23 10020 109 24 1103 110 25 115c 111 26 1127 112 27 113 28 114 29 115 30 =E85 3% =E86 3% =E873% =E883% =E89'3% E903% =E91 3% 30 =E923% =E933% =E943% =E95.3% =E96*3% =E97*3% E983% =E99*3% . =E1003% =E1013% =E102 3% =E103*3% =E104.3% =E105*3% =F106.39% =E106 3% =E107*3% % -E100820 =E1083% =F10939% =E109*3% 11029 =E110*3% =E111*3% =E112*3% =E1133% =E114.3% =E85 11% 1/12 =E86.11% 1/12 =E87.11% 1/12 =E88 11% 1/12 =E89 11% 1/12 2012 =E90'11% 1/12 21 =E91.11% 1/12 ..dan =E92 11% 1/12 2012 =E93 11% 1/12 2012 -E94.11% 1/12 2012 =E95 11% 1/12 2012 =E96 11% 1/12 2012 =E97*11% 1/12 021 E98 11% 1/12 was E99.11% 1/12 Panowie =E100*11% 1/12 . =E101.11% 1/12 =E102.11% 1/12 =E103.11% 1/12 =E10411% 1/12 =E105*11%*1/12 =E106'11% 1/12 =E107*11%*1/12 =E108*11%*1/12 =E109*11%*1/12 =E110*11%*1/12 =E111*11% 1/12 =E112*11%*1/12 =E113*11%*1/12 =E114 11% 1/12 =B86-C86 =B87-C87 =B88-C88 =B89-c89 =B90-C90 =B91-C91 =B92-C92 =B93-093 =B94-C94 =B95-095 2012 =B96-096 =B97-c97 =B98-C98 =B99-099 =B100-C100 au =B101-C101 =B102-C102 =B103-C103 o =B104-C104 =B105-C105 =B106-C106 =B107-C107 =B108-C108 100.109 =B109-C109 -R110.0110 =B110-C110 -R111414 =B111-C111 =B112-C112 =B113-C113 =B114-C114 =B115-C115 Card Balance $ 10000 =E85-D86 =E86-D87 =E87-D88 =E88-D89 =E89-D90 =E90-D91 =E91-D92 E92-D93 E93-D94 =E94-D95 =E95-D96 =E96-097 =E97-098 E98-D99 E99-D100 =E100-D101 . =E101-D102 =E102-D103 =E103-D104 =E104-D105 =E105-D106 =E106-D107 -6107 108 =E107-D108 100_100 =E108-D109 =E109-D110 =F109.0110 LE40 41 =E110-1111 -E111.1112 =E111-0112 =E112-D113 =E113-D114 =E114-115