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Assume that you have a balance of $2900 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and

Assume that you have a balance of $2900 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 6% of the balance.

What will the balance be after 24 months? (Round your answer to the nearest cent.)

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