The chart above looks at paying off a credit card balance and assumes you will...
90.2K
Verified Solution
Link Copied!
Question
Finance
The chart above looks at paying off a credit card balance and assumes you will not be using it while paying it down. in these minimum payment examples the balance decreases by only 1% each month. most of us will use credit cards throughout the year, and that means we make carry a balance past the grace period. assuming you were trying to pay off the balance while still using the card, what actions must you take?
Number of Total Interest Creditcard- T interest-Rate Balance Minimum/Fixed Payment Months to Pay in Paid Full impact of Interest Rates 13% Minimum (interest+ 1% of balance) Minimum (interest+ 1% of balance) $5,000 26 4,938.46 $5,000 18% 2.73 ,923.09 Impact of Payment Amounts $2,000 15% Minimumm (interest+ 1% of balance) 175 H1,479. 20 $2,000 15% | Fixed $100 2 4 315. 89
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
