MHB Please help me understand my Credit Card Module Project

AI Thread Summary
The discussion revolves around a credit card module project that involves creating a table using Microsoft Excel to analyze minimum payments, interest, and balance calculations. The user successfully completed the initial chart but struggles to understand the logical formulas provided by a tutor for calculating the minimum payment and balance. They specifically seek clarification on how to derive a formula for the balance at the end of m months, given that the minimum payment exceeds $25. The user needs this formula to complete a subsequent table and create a graph for their assignment. Assistance with formulating the necessary equations in Excel is requested to move forward with the project.
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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