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You have a balance of $15,000 for your tuition on your American Express credit card. If your APR is 21%, you make no further charges,

You have a balance of $15,000 for your tuition on your American Express credit card. If your APR is 21%, you make no further charges, and each month you make only the minimum payment of 3% of your balance, then the formula for the balance after t monthly payments is given by 15,000(0.986975) t . What will the balance be after 10 years?

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