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Anonymous
Anonymous asked in Business & FinanceCredit · 2 months ago

credit card question?

If you charge $1,000 on a credit card, how much are you generally required to pay when the bill is due, if you make the minimum monthly payment?

$0

$4

$40

$400

3 Answers

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  • 2 months ago

    It depends on what the agreement states. Some banks have a minimum payment of $25 others require 1% of the balance plus the interest as well as any fees such as a late payment fee. Say you interest is 21% then you would be required to pay $17.50 interest plus %10 or a total of $27.50. At that rate you would take 8.3 years to pay off the principal.

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  • Eva
    Lv 7
    2 months ago

    Common sense should tell you it's $40.

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  • Anonymous
    2 months ago

    Do your own homework, punk.

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