Q Suppose you have a balance of $14000 on your VISA card, which has an APR 21% and requires a minimum payment of 2%. You will stop charging and begin making only the minimum monthly payment. Complete the following sentences. Round your final answer to the nearest penny and do not include the $ in your answers.

1. The balance on your account after 23 minimum monthly payments is $ ................ .
2. The balance on your account after 6 years of minimum monthly payments is $ ....................... .
3. It will take .................................... minimum monthly payments for the balance of the account to drop below $5600.