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Credit Card Balance:- 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 vehicle due to her existing credit card debt.

Her credit card charges her 20% annually on outstanding balances. If Eileen does not reduce her credit card debt, how much will she pay annually to her credit card company?

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Corporate Finance, Finance

Category:- Corporate Finance
Reference No.:- M92060785

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