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24 June, 08:58

Explain why making the minimum payment leads to paying the most interest

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  1. 24 June, 09:17
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    Paying the minimum interest on an account balance leads to paying the most in interest because you will make the payments over a longer period of time. The sooner you get the balance paid off, the less amount of interest you will pay. Interest stacks on top of each other over the length of time to pay the debt off.
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