Question: Your friend must make a $ 1 , 0 0 0 charge on his credit card to pay for car repairs and can only make

Your friend must make a $1,000 charge on his credit card to pay for car repairs and can only make the minimum payment for the next 3 months. Assume an APR of 15.99% and a required minimum payment of 5%. What will the balance be at the start of month 4? Round your answer to the nearest cent. Remember, a finance charge is only applied to a carry-over balance!

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