ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what you should pay each month
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annual percentage rate
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minimum you should pay each month
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interest payment
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Detailed explanation-1: -The minimum payment is the smallest amount of money that you have to pay each month to keep your account in good standing. The statement balance is the total balance on your account for that billing cycle. The current balance is the total amount of your most recent bill plus any recent charges.
Detailed explanation-2: -It’s best to pay more than the minimum “Honestly, you should pay as much as you can afford to pay without derailing your other financial obligations, ” McClary of the NFCC says. Try to pay double the minimum payment, if you can afford it. If that’s a no-go, consider paying $10 or $20 more than the minimum, he suggests.
Detailed explanation-3: -The minimum payment is the lowest amount you can pay on your credit card every month to keep your account in good standing. Making at least the minimum payment on your credit cards every billing cycle ensures that you do not get stuck with late fees, penalty APRs or derogatory marks on your credit report.