Please help me understand my Credit Card Module Project

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SUMMARY

The discussion revolves around a Credit Card Module Project where the user has utilized Microsoft Excel to create a chart for calculating minimum payments, interest, and ending balances. A tutor provided logical formulas for these calculations, but the user seeks clarification on deriving a formula for the balance at the end of m months, particularly when the minimum payment exceeds $25. The user specifically requests assistance in formulating an Excel equation to determine the balance A at the end of t years based on the established table.

PREREQUISITES
  • Understanding of Microsoft Excel functions and formulas
  • Basic knowledge of financial calculations, including interest and minimum payments
  • Familiarity with quantitative reasoning concepts
  • Ability to create and interpret data tables and charts
NEXT STEPS
  • Research how to create dynamic formulas in Microsoft Excel for financial calculations
  • Learn about Excel's PMT function for calculating payments on loans
  • Study methods for graphing financial data in Excel
  • Explore tutorials on deriving formulas from data tables in quantitative reasoning contexts
USEFUL FOR

This discussion is beneficial for students working on financial modeling projects, educators teaching quantitative reasoning, and anyone looking to enhance their Excel skills for financial analysis.

sijones009
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View attachment 6478View attachment 6479This is the worksheet my quantitative reasoning teacher assigned us. I was able to complete the chart using Microsoft Excel and printed a page that has all the values for to table in with the table. A tutor at my college gave me the logical formula to find the minimum payment, interest, and Balance A at the end of month. I do not understand completely how he came to the equations I wrote on the bottom for each column of the table. Which brings me to my next problem.

I do not know how to answer question 4 where it asks me to use my table/chart to determine a formula for the balance A at the end of m months (as the minimum payment is greater than $25). The answer seem obvious and in my face but I do not know how to solve. Please clarify this form me.

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Are you looking for an Excel formula?
 
Yes because It is asking for me to use the formula i make in question 4 to then determine the balance A at the end of t years. There is a table on the next page I must fill out. I need the formula to then create a graph.

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