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You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 5% of the balance. You have a

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You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $7000. You stop charging and make only the minimum monthly payment. What is the balance on the card after five years? (Round your answer to the nearest cent.) $

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