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

Using the minimum payment balance formula. You have a credit card with

Using the minimum payment balance formula. You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $5500. You stop charging and make only the minimum monthl payment. What is the balance on the card after three years? (Enter your answer rounded to the nearest cent.)

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