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A credit card has a nominal rate of interest of 6% convertible monthly. Over the course of the year the account has the following transactions:

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A credit card has a nominal rate of interest of 6% convertible monthly. Over the course of the year the account has the following transactions: Date January 1 (1/1) March 1 (3/1) June 1 (6/1) October 1 (10/1) December 1 (12/1) Borrow/(Payment) 5,000 1,000 (500) (500) (500) What is the balance at the beginning of the next year? Balance: Please show your work above or below

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