Write an algorithm to settle the following question: A bank account starts out with $10,000. Interest is compounded monthly at 6 percent per year (0.5 percent per month). Every month, $500 is withdrawn to meet college expenses. After how many years is the account depleted?

Here is what I got so far. Can you tell if I am on the right track.

Step 1 Start with the table:
Month Balance
0 $10,000.00

Step 2 Repeat steps 2a, 2b, 2c while the balance is greater than $0.00
Step 2a. Add a new row to the table.
Step 2b. In column 1 of the new row, labeled "Month", put one more than the preceding month value.
Step 2c. In column 2 of the new row, labeled "Balance", place the value of this formula
b * (1 + 0.005) - 500
where b is the preceding balance value.

Step 3 Read the last number in the month column (let's call it months). Report that the account will be depleted in (months / 12) years and (months % 12) months.