All categories

3 years ago

Which of the following statements about minimum payments is incorrect?

2 answers:

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]3 years ago

5 0

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

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

brainly.com/question/2668305

2. Learn more about credit utilization value

brainly.com/question/5955652

3. Learn more about trade-offs

brainly.com/question/5057443

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.

You might be interested in

Suppose that a company needs new equipment, and that the machinery in question earns the company revenue at a continuous rate of

julia-pushkina [17]

Answer:

a-The present value of revenue in the first year is $61,085.92.

b-The total time it would take to pay for its price is 2.44 years of 29.33 months.

Explanation:

Let the function of the revenue earned is given as

$S(t)=\left \{ {{66000t+38000} {\ \ 0The present value is given as [tex]PV=\int\limits^a_b {S(t)e^{-rt}} \, dt$

Here

a and b are the limits of integral which are 0 and 1 respectively
r is the rate of interest which is 5% or 0.05

S(t) is the function of value which is $S(t)=\left \{ {{66000t+38000} {\ \ 0So the equation becomes[tex]PV=\int\limits^0_1 {S(t)e^{-0.05t}} \, dt\\PV=\int\limits^{0.5}_0 {(66000t+38000)e^{-0.05t}} \, dt+\int\limits^{1}_{0.5}{(71000)e^{-0.05t}} \, dt\\PV=\int\limits^{0.5}_0 {(66000t)e^{-0.05t}} \, dt+\int\limits^{0.5}_0 {(38000)e^{-0.05t}} \, dt+\int\limits^{1}_{0.5}{(71000)e^{-0.05t}} \, dt\\PV=8113.7805+18764.4669+34207.6751\\PV=61085.9225$
So the present value of revenue in the first year is $61,085.92.
b-
The time in which the machine pays for itself is given as
$PV=\int\limits^0_1 {S(t)e^{-0.05t}} \, dt+\int\limits^t_1 {S(t)e^{-0.05t}} \, dt\\PV=61085.9225+\int\limits^{t}_{1}{(71000)e^{-0.05t}} \, dt$
The present value is set equal to the value of machine which is given as
$160,000 so the equation becomes:
$PV=61085.9225+\int\limits^{t}_{0}{(71000)e^{-0.05t}} \, dt\\160000=61085.9225+\int\limits^{t}_{0}{(71000)e^{-0.05t}} \, dt\\\int\limits^{t}_{0}{(71000)e^{-0.05t}} \, dt=160000-61085.9225\\\int\limits^{t}_{1}{(71000)e^{-0.05t}} \, dt=98914.07\\\\t=-\dfrac{\ln \left(0.93034\right)}{0.05}\\t=1.44496$
So the total time it would take to pay for its price is 2.44 years of 29.33 months.

6 0

3 years ago

Organizations offer aspiring entrepreneurs in developing countries small loans to help them get their businesses started. these

jolli1 [7]

microcredit

What is microcredit?

Microcredit is the provision of very tiny loans (microloans) to disadvantaged borrowers who lack collateral, consistent employment, or a verified credit history. It is intended to encourage business and alleviate poverty. Many clients are uneducated and hence unable to complete the documentation required for traditional loans.

Microcredit is a subset of microfinance, which provides the needy with a broader range of financial services, including savings accounts. The Grameen Bank, founded in Bangladesh in 1983, is widely regarded as the birthplace of modern microcredit. Despite initial reservations, many regular banks eventually adopted microcredit. 2005 was designated as the International Year of Microcredit by the United Nations. Microcredit is a method that can potentially help to lessen the feminization of poverty in developing countries.

To learn more about Microcredit

brainly.com/question/21182528

#SPJ4

4 0

2 years ago

Your client has said that he likes French Provincial furniture. What should you do

kogti [31]

A show him examples of french province and others.

6 0

3 years ago

Read 2 more answers

tumutukoy sa tuwirang pagsupil sa diwang makabayan sat pagkat aaklas ng mga pilipinas laban sa mga amerikano

mihalych1998 [28]

Answer:

<h3>Pilipinasyon</h3>

hopefully help:)

Explanation:

#CarryOnLearning

8 0

3 years ago

James hires Franco for a painting job. Their contract explicitly states that Franco's employment can be terminated if he is emp

brilliants [131]

Answer: condition subsequent

Explanation: A condition subsequent is an incident or set of circumstances that bring something to a conclusion. A subsequent circumstance is being used as a symbol in a legal sense to put an end of one's constitutional rights or responsibilities.

This generally occurs when someone do anything illegal or unethical in the eyes of law. In the given case, Franco got employed by some other party although he had a contract with James that he cannot do that. Hence we can conclude that the given case depicts condition subsequent.

8 0

3 years ago