Instructions

• Each question is to be answered in a separate excel document.

• Use MS Excel 2013 or newer.

Questions

1. You are hoping to buy a new home but have been told by the bank that you need to manage some of your debt first.

In addition to your student loans, you owe $12,000 on one credit card that charges 17% annual interest and $3,000 on another card that charges 13% annual interest (interest is charged based on the balance at the beginning of each statement month).

You decide to stop using the cards and pay them off. The MINIMUM payment on each card is 10% of the cards balance at the beginning of the month.

You can afford to pay $2,000 a month towards this debt. You want to have these completely paid in two years time. What is the minimum amount of interest you will pay over this payment period?

2. The number of telephone reservation operators needed by an airline during each time of day is as follows:

Each operator works one of the following six-hour shifts: midnight to 6:00 A.M., 6:00 A.M. to noon, noon to 6:00 P.M., 6:00 P.M. to midnight. What is the minimum number of operators needed?

Attachment:- Payment period.rar