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How much of the balance can ellen pay down

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Question 1: Ellen has maxed out her credit card at $12,500 and vows not to make any other credit card purchases. Her credit card company charges 1.24% interest per month, and the minimum monthly payment is all interest due plus 2% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

Reference no: EM132492775

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