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How much will eileen pay annually to her credit card company

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Eileen is a college student who consistently uses her credit card as a source of funds. She has maxed out her credit card at the $6,000 limit. Eileen does not plan on increasing her credit card balance any further, but has already been declined for a car loan on a badly needed automobile due to her existing credit card debt. Her credit card charges her 20 percent annually on outstanding balances. If Eileen does not reduce her credit card debt, how much will she pay annually to her credit card company?

Reference no: EM13860436

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