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marissa [1.9K]
2 years ago
8

Which of the following statements about minimum payments is incorrect?

Business
2 answers:
Marysya12 [62]2 years ago
8 0

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.  

Further Explanation:

minimum payment:

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

you ascertain minimum payment:  

They utilize the equalization toward the part of the bargain cycle to figure the base installment due. For instance, your base installment is 2% of your parity and you have a $1,000 balance. Your base installment is determined as: 1000 X .02 = $20.  

minimum payment on charge cards:  

Most charge cards just expect you to make a minimum installment every month, which is commonly a fixed sum, regularly $20 to $25, or a level of your parity, typically 1 to 3 percent. Paying the minimum is enticing, particularly if your spending limit is tight. Be that as it may, the less you pay now, the more you'll pay later.

Subject: business

Level: High School

Keywords: minimum payment, you ascertain minimum payment, minimum payment on charge cards.  

Learn more about evolution on:

brainly.com/question/2192919

brainly.com/question/1309609

Trava [24]2 years ago
5 0

<u>The statement that when the customer pays minimum payment, the late fee is charged. This statement is incorrect about minimum payment.  </u>

Further Explanation:

Credit card:

A credit card can be used for the purchase of goods and services. Generally, a credit card has a specific limit. It is known as a line of credit (LOC). The cardholder can withdraw or use the funds up to the LOC. The cardholder has to pay the amount which is borrowed along with interest on the borrowed funds after a specific period of time, which is defined and stated at the time of issuing the credit card.

Late fees:  

If the customer may not able to pay the debt on the time. The bank will charge the late fees until the payment is received. But bank does not charge fees if the customer pays the minimum payment

Minimum payment:

Minimum payment is the amount of payment that the customer has to pay for whole credit card amount. The minimum payment has to pay within the time limit. The bank will charge minimum payment fees when the customer may not able to pay the minimum amount of debt at the time.  

Learn more:

1. Learn more about credit card

<u>brainly.com/question/2668305 </u>

2. Learn more about credit utilization value

<u>brainly.com/question/5955652 </u>

3. Learn more about trade-offs

<u>brainly.com/question/5057443 </u>

Answer details:

Grade: Middle School

Subject: Banking

Chapter: Credit card

Keywords:

statement, the customer pays, minimum payment, the late fee is charged, credit card amount, cardholder, issuing, specific period of time, late fees.  

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Answer:

the capital structure weight of the firm's equity will be 57.14 %.

Explanation:

Weighted Average Cost of Capital is the return that is required by the providers of long term sources of finance.

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there were 200 tickets sold for a college basketball game. Tickets were $4.50 for students and $9 for adults. The total amount c
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Answer:

70 tickets were sold to student and 130 tickets were sold to adults

Explanation:

Let the number of tickets purchased by students be "X" and the number of tickets purchased by adults  be "Y"

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Total amount collected by selling 200 tickets = 1485 dollar

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X + Y = 200\\ ------Eq (1)

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Multiplying eq (1) by 9 and subtracting from equation 2 we get

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The adjusted trial balance for Chiara Company as of December 31 follows.
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Answer and Explanation:

The preparations are presented below:

a. For income statement

<u>                                          Chiara Company</u>

<u>                                           Income statement</u>

<u>                                      For the year ended Dec 31</u>

Revenues

Fees earned                  $544,000

Interest earned              $30,000

Total revenues                                                              $574,000

Less: expenses

Depreciation expense - Automobiles   $26,000

Depreciation expense- Equipment       $20,000

Salaries expense                                    $187,000

Wages expense                                      $43,000

Interest expense                                    $32,200

Office supplies expense                        $34,200

Advertising expense                              $63,000

Repairs expense - Automobiles           $25,200

Total expenses                                                         ($430,600)

Net income                                                                $143,400

b. For a statement of retained earnings

<u>                                          Chiara Company</u>

<u>                                          Statement of retained earnings</u>

<u>                                            For the year ended Dec 31</u>

Beginning balance of retained earnings $257,220

Add: Net income                                        $143,400

Less: Dividend                                            -$45,000

Ending retained earnings balance              $355,620

c. For balance sheet

<u>                                          Chiara Company</u>

<u>                                        Balance sheet </u>

<u>                                        For the year ended Dec 31</u>

<u>Liabilities & equity            Amount                         Assets          Amount </u>

Liabilities & equity                                              Cash               $132,400

Accounts payable            $98,000          Accounts receivable $50,500

Interest payable               $20,000          Interest receivable $20,800

Salaries payable               $22,000         90 days notes receivable $171,000

Unearned fees                  $28,000         Office supplies              $16,500

Long-term notes payable $144,000       Automobiles 169,000

Common stock                  $26,580        Less:

Retained earnings             $355,620   Accumulated depreciation  

                                                               Automobiles $ 80,000         $89,000

Total liabilities & equity    $694,200  Equipment 140,000

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                                                               Accumulated depreciation

                                                                Equipment 23,000             $117,000

                                                                Land                                    $79,000

                                                                Total assets                        $694,200

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