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You should only pay the minimum amount because carrying a balance can improve your credit You should only pay the minimum because it's easier to pay a lower amount It is not a big deal if you miss a payment or pay late. You can pay next month Paying more than the minimum payment reduces your credit utilization (amounts owed makes up 30% of your credit score) Paying more than the minimum payment can you save money, pay less interest Paying more than the minimum payment will help vou pay off the deht quicker

You should only pay the minimum amount because carrying a balance can improve your credit You should only pay the minimum because it's easier to pay a lower amount It is not a big deal if you miss a payment or pay late. You can pay next month Paying more than the minimum payment reduces your credit utilization (amounts owed makes up 30% of your credit score) Paying more than the minimum payment can you save money, pay less interest Paying more than the minimum payment will help vou pay off the deht quicker

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Which of the following is true regarding this credit card statement. Select the 3 correct statements Account Number XXXX XXXX XXXX XXXX February 21, 2012 to March 22, 2012 Payment Information New Balance Minimum Payment Due Summary of Account Activity $535 07 Previous Balance Payments $1.70453 $53.00 $450 00 $13.45 $529 57 Other Credits Payment Due Date 420/12 Purchases Late Payment Warning: If we do not receive your minimum yment by the date listed above, you may have to pay a $35 fee and your APRS may be increased up to the Penalty Rof 28.90% Balance Transfers +S785.00 Cash Advances +$318 3 Past Due Amount Fees Charged Interest Charged New Balance Minimum Payment Warning: If you make only the minim payment each period, you will pay more in interest and it take you longer to pay off your balance. For example (4) +$10.89 $1,784.53 Credit limit $2.000 00 Ifyou make no addtional charges using this card and ach monin youp You will pay off the balance shown on And you will end up paying n estimated Available credit $215.47 3/22/2012 Statement closing date Days in biling cycie this statement in 30 about total of Only the minimum payment QUESTIONS? 10 years $3.284 1-XXX-XXX-XX 1-XXX-XXXX-XXOX Call Customer Service Lost or Stolen Credit Card 3 years $2,232 (Savings-S1.052 $62 If you woue o oboro.counseling services call 1-800-XXX-X0XX. You should only pay the minimum amount because carrying a balance can improve your credit You should only pay the minimum because it's easier to pay a lower amount It is not a big deal if you miss a payment or pay late. You can pay next month Paying more than the minimum payment reduces your credit utilization (amounts owed makes up 30% of your credit score) Paying more than the minimum payment can you save money, pay less interest Paying more than the minimum payment will help you pay off the debt quicker
Transcribed Image Text:Which of the following is true regarding this credit card statement. Select the 3 correct statements Account Number XXXX XXXX XXXX XXXX February 21, 2012 to March 22, 2012 Payment Information New Balance Minimum Payment Due Summary of Account Activity $535 07 Previous Balance Payments $1.70453 $53.00 $450 00 $13.45 $529 57 Other Credits Payment Due Date 420/12 Purchases Late Payment Warning: If we do not receive your minimum yment by the date listed above, you may have to pay a $35 fee and your APRS may be increased up to the Penalty Rof 28.90% Balance Transfers +S785.00 Cash Advances +$318 3 Past Due Amount Fees Charged Interest Charged New Balance Minimum Payment Warning: If you make only the minim payment each period, you will pay more in interest and it take you longer to pay off your balance. For example (4) +$10.89 $1,784.53 Credit limit $2.000 00 Ifyou make no addtional charges using this card and ach monin youp You will pay off the balance shown on And you will end up paying n estimated Available credit $215.47 3/22/2012 Statement closing date Days in biling cycie this statement in 30 about total of Only the minimum payment QUESTIONS? 10 years $3.284 1-XXX-XXX-XX 1-XXX-XXXX-XXOX Call Customer Service Lost or Stolen Credit Card 3 years $2,232 (Savings-S1.052 $62 If you woue o oboro.counseling services call 1-800-XXX-X0XX. You should only pay the minimum amount because carrying a balance can improve your credit You should only pay the minimum because it's easier to pay a lower amount It is not a big deal if you miss a payment or pay late. You can pay next month Paying more than the minimum payment reduces your credit utilization (amounts owed makes up 30% of your credit score) Paying more than the minimum payment can you save money, pay less interest Paying more than the minimum payment will help you pay off the debt quicker
Account Number XXXX XXXX XXXX XXXX February 21, 2012 to March 22, 2012 Summary of Account Activity Previous Balance Payments Other Credits Payment Information $535.07 $450.00 $13.45 +$529 57 +$785.00 +$318 New Balance Minimum Payment Due Payment Due Date $1.784 53 $53.00 4/20/12 1) 2. Purchases Balance Transfers Late Payment Warning: If we do not receive your minimum yment by the date listed above, you may have to pay a $35 fee and your APRS may be increased up to the Penalty Rof 28.99% Minimum Payment Warming: If you make only the minim payment each period, you will pay more in interest and it take you longer to pay off your balance. For example Cash Advances 3 Past Due Amount Fees Charged Interest Charged +S69A +$10.89 New Balance $1,784.53 Credit limit $2,000.00 fyou make no additional charges using this card and ach monin you p And you will end up paying an estimated total of. You will pay off the balance shown on Available credit Statement closing date Days in billing cycle $215.47 3/22/2012 this statement in 30 about. QUESTIONS? Call Customer Service Lost or Stolen Credit Card Only the minimum payment 10 years $3,284 1-XXX-XX-XXXXX 1-XXX-XXX-XXXX $2,232 3 years (Savings-S1.052) If you woule call 1-800-XXX-XXXX. rcounseling services 4-
Transcribed Image Text:Account Number XXXX XXXX XXXX XXXX February 21, 2012 to March 22, 2012 Summary of Account Activity Previous Balance Payments Other Credits Payment Information $535.07 $450.00 $13.45 +$529 57 +$785.00 +$318 New Balance Minimum Payment Due Payment Due Date $1.784 53 $53.00 4/20/12 1) 2. Purchases Balance Transfers Late Payment Warning: If we do not receive your minimum yment by the date listed above, you may have to pay a $35 fee and your APRS may be increased up to the Penalty Rof 28.99% Minimum Payment Warming: If you make only the minim payment each period, you will pay more in interest and it take you longer to pay off your balance. For example Cash Advances 3 Past Due Amount Fees Charged Interest Charged +S69A +$10.89 New Balance $1,784.53 Credit limit $2,000.00 fyou make no additional charges using this card and ach monin you p And you will end up paying an estimated total of. You will pay off the balance shown on Available credit Statement closing date Days in billing cycle $215.47 3/22/2012 this statement in 30 about. QUESTIONS? Call Customer Service Lost or Stolen Credit Card Only the minimum payment 10 years $3,284 1-XXX-XX-XXXXX 1-XXX-XXX-XXXX $2,232 3 years (Savings-S1.052) If you woule call 1-800-XXX-XXXX. rcounseling services 4-
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Economics Today and Tomorrow, Student Edition
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