Question: Using the minimum payment balance formula. You have a credit card with an APR of 24%. The card requires a minimum monthly payment payment of

Using the minimum payment balance formula. You have a credit card with an APR of 24%. The card requires a minimum monthly payment payment of 5% of the balance. You. have a balance of $7500. You stop charging and make only the minimum monthly payment. What is the balance on the card after four years? (Enter your answer rounded to the nearest cent)

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