This is a Cm7 chord. A minor 7 chord contains the root, b3rd, 5th, and b7th degrees of the scale. In this case, in the key of C, we have the notes C, Eb, G, and Bb. You take your first finger and put it on the 3rd fret of the 5th string, you take your ring finger (your third finger) and put it on the 5th fret of the 4th string, you are barring with your first finger so you just play the 3rd string the way it . . .
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