Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
Final answer:
The Minimum Payment Due on a credit card statement is crucial to avoid interest charges and reduce debt efficiently.
Explanation:
Minimum Payment Due on a credit card statement is the amount you have to pay each month to avoid interest charges. It is usually a small percentage of your total balance, ensuring you are making progress in reducing your debt.
The interest rate is applied to the remaining balance if you do not pay off your credit card in full. Making only the minimum payment can result in paying much more in interest over time.
For example, if you have a [tex]$2,000 balance and the minimum payment is $[/tex]60, paying only the minimum prolongs your debt repayment and increases the overall interest you pay.
Learn more about Credit card payments and interest here:
https://brainly.com/question/34332874
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.