Question

Ellen has maxed out her credit card at $18,500 and vows not to make any other credit card purchases. Her credit card company charges 19% interest per

month, and the minimum monthly payment is all interest due plus 2% of the principal balance. How much of the balance can Elen pay down If she pays the
minimum payment only for 4 months? Round the answer to the nearest cent.
After 4 months, Ellen would have paid off $

Answer 1

Top answer · 1 vote

Ellen has maxed out her credit card at $11,500 means that her credit card limit was $11,500 and she has used that limit completely i.e. she has ... More