you cant balance a single cell, you must have at least two to balance them
3,7 volts is a single cell and 1s not 1c
1c refers to charge rate ie 3200mah lipo should be charged at 3.2 amps, and 1s mean one cell 2s means 2 cells.
for your lipo charge at 5amps and 7.4 volts, it will stop the voltage at 8.4 volts and then the amps will down to 0 over 20-30 mins then it will stop charging,3.7 volts is one lipo cell 1s 7.4 volts is two lipo cells 2s, hope that makes sence