How much will she pay annually to her credit card company, Finance Basics

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How much will she pay annually to her credit card company

Problem

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 $7,600 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 15% 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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