Ellen Has Maxed Out Her Credit Card at $11,500 and Vows

Multiple Choice

Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card
Purchases. Her credit card company charges 1.23% 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 4 months?

A) $141.45
B) $565.80
C) $1,732.52
D) $1,325.54