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You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you make no more charges on the card.

You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you make no more charges on the card. Also assume that American Express charges 18% APR and that each month you make only the minimum payment of 5% of the balance.

What percentage of the previous balance is paid off each month?

Round the percentage to two decimal places.

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