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 5%

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 monthly payment. What is the balance on the card after three years? (Enter your answer rounded to the nearest cent.) The balance on the card after three years is $

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