Ellen has maxed out her credit card at $17,500 and vows not to make any other credit card purchases. Her credit card company charges 1.8% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays, the minimum payment only for 3 months? Round the answer to the nearest "cent. After 3 months, Ellen would have paid off S.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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Ellen has maxed out her credit card at $17,500 and vows not to make any other credit card purchases. Her credit card company
charges 1.8% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How
much of the balance can Ellen pay down if she pays the minimum payment only for 3 months? Round the answer to the nearest
"cent.
After 3 months, Ellen would have paid off S
+
BB &
d
Transcribed Image Text:Ellen has maxed out her credit card at $17,500 and vows not to make any other credit card purchases. Her credit card company charges 1.8% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 3 months? Round the answer to the nearest "cent. After 3 months, Ellen would have paid off S + BB & d
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