This is my homework question:

Assume that you have a balance of $3500 on your Discover credit card and that you make no more charges. Assume that Discover charges 27% APR and that each month you make only the minimum payment of 2.5% of the balance. 1). What will the balance be after 32 months? (Round your answer to the nearest cent.)

This is the equation I used but I get a ridiculous answer so I know it isn't correct. Can anyone answer this and tell me where I am going wrong?

32 0.27 12 (1 2.5)) - 3 500 x 1+