edwinlopezr9 edwinlopezr9

29-10-2022
Mathematics

Answered

Ellen has maxed out her credit card at $12,000 and vows not to make any other credit card purchases. Her credit card company charges 1.1% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months? Round the answer to the nearest cent.

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