You have a balance of $12,000 for your tuition on your credit card and you make no further charges. If your APR is 16.7% and each month you make only the minimum payment of 2% of your balance, then find a formula for the balance after t monthly payments.

A. 12,000(0.966362)t
B. 12,000(0.993638)t
C. 12,000(1.0342)t
D. 12,000(1.00581)t

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