Assume that you have a balance of $4000 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance.

What will the balance be after 6 years? (Round your answer to the nearest cent.)

Credit card interest is what are you are charged when you don't pay your credit card bill in full each month. It works as a daily rate calculated by dividing your annual percentage rate by 365, and then multiplying your current balance by the daily rate. That amount is then added to your bill.

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Assume that you have a balance of $4000 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance. What will the balance be after 6 years? (Round your answer to the nearest cent.)

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