Which of the following statements about minimum payments is INCORRECT?
A. Minimum payments are typically only 2-4% of your total debt
B If you send in the minimum payment, you will be charged a late fee.
C You will still pay interest on your balance if you submit the minimum payment.
D Paying the minimum means you are only paying off a portion of your total debt.

The incorrect statement about the minimum payment is "if you send the minimum payment, you will be charged a late fee." The minimum payment is all that is needed on a credit card or other loan. There will never be a late fee added if the minimum payment is sent in unless it is late. However, by paying the minimum amount, the balance will not go up. If you pay extra, you will have that put on the balance of the account.

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smarazazaidi smarazazaidi · Answer 2 · 2019-09-02T19:19:17+02:00

If you send in the minimum payment, you will be charged a late fee.

Further Explanation:

minimum payment:

The base installment is the minimum payment of cash that you are required to pay on your financial record every month. See your Mastercard "terms and conditions" archive to perceive how your Mastercard's base installment is determined.

Explanations about minimum payment is erroneous:

The off base proclamation about the base installment is "on the off chance that you send the base installment, you will be charged a late expense." The base installment is all that is required on a Visa or other credit.

Making the minimum payment hurt credit:

For whatever length of time that you're making in any event the minimum payment on time every month, you're really helping your FICO rating by structure a positive installment history. ... Be that as it may, when you pay just the base, your parity just diminishes by a little and a high credit usage will keep on harming your FICO assessment.

The advantage of minimum payment sum due:

Paying something other than the base sum due will spare one from paying high-loan costs. It encourages one in satisfying the obligation sooner: When one pays only the base sum due, they pay a small sum towards the central exceptional consistently. This keeps the cardholder paying off debtors for a more extended time.

Subject: business

Level: High School

Keywords: minimum payment, Explanations about minimum payment is erroneous, Making the minimum payment hurt credit, The advantage of minimum payment sum due.

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