Problem: Your advertising team has been given an ad campaign for a financial institution to introduce various financial schemes education for the public. You have been asked to compute for the financial institution the following scenario to view before the ad campaign is implemented. Create a professional Excel spreadsheet that shows an example of the following :
An individual has charged $13,573 on his or her credit card at an annual interest rate of 19.9% compounded monthly. Explain to him or her the difficulties that he or she can foresee in future years of interest getting out of control. Give 5-year and 10-year debt projections based on the individual paying the minimum $200 monthly payment.
Prepare the calculations of the problem in an Excel spreadsheet. Make any comments within your spreadsheet on the difficulties encountered.