Simple VBA Exercise

Imagine that you borrowed $8,700 on a credit card which charges a variable rate. The required minimum payment for the loan is only the interest.

The minimum monthly payment will be the larger of:

1) The prime rate, or,

2) 18.99%

Note these are annual rates, but you are calculating a monthly interest payment.

For full credit, you must do all of the work for this calculation in one user-defined function. You must incorporate logic (either IF or CASE method).

Create a VBA function to calculate the loan’s payment. Test it out on the dataset provided. When finished, email your XLSM file to the GMAIL account listed on the class website.