Please assist with the given problem. Give the solution in an Excel spreadsheet.
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.