Suppose that you “max out” a credit card to its limit of $14,000and plan on paying off this $14,000 balance by making minimumpayments of $500 (no other charges will be made with this card asyou plan on destroying it once the balance is paid off). On the 8thday of each billing cycle, an automatic payment of $500 will bemade to the credit card company which processes and records it onthe same day as the payment. At the end of each billing cycle thefinance charge is added to the account balance to create thebeginning balance of the following billing cycle. (APR of 24.10%).Assuming that the average daily balance method is used and that thebilling cycle is 30 days in length, determine how long it will takefor the credit card to be completely paid off. Include columnsshowing the beginning balance of each billing cycle, the averagedaily balance for that cycle, the finance charge, and the endingbalance after the finance charge is applied (depending on yourset-up you may want to include additional columns). To clarify, thecard will be considered to be paid off when the amount owed at thetime that the payment is scheduled to be made is $500 or less(essentially meaning that it will be paid off during the firstbilling cycle that you encounter where the beginning balance is$500 or less).