1. Select the most likely outcome of making only on-time minimum payments to a credit card with a balance for an entire year?
Your credit score will suffer because making minimum payments doesn't count as an on-time payment for the 'payment history' portion of the credit score.
The credit card will reward you with a lower interest rate once you've made 12 consecutive on-time payments.
Your payments will have gone mostly towards paying interest and you will still owe the majority of the balance that you had from a year ago.
Making 12 on-time minimum payments means that your credit card is completely paid off.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “1. Select the most likely outcome of making only on-time minimum payments to a credit card with a balance for an entire year? Your credit ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which item is stored correctly in the cooler? Group of answer choices a. Macaroni salad stored above raw salmon b. Raw ground pork stored below raw poultry c. Raw poultry stored above raw pork roast d. Sliced pineapple stored below raw steaks
Answers (1)
How would the law affect the supply for health insurance? Why?
Answers (1)
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $55,000 and you plan to spend all of it.
Answers (1)
On July 1, 2020, Cheyenne Corp. pays $21,900 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Cheyenne Corp.
Answers (1)
Which of the following would not be counted in the calculation of GDP? Choose one or more: A. paying for a local garage to rotate the tires on your motorcycle B. government spending on social security C.
Answers (1)
New Questions in Business
If you die without a valid will: the federal court decides how the property should be distributed. the IRS confiscates your property. your relatives or friends will get the property. the state's law of descent and distribution becomes your will.
Answers (1)
A service economy is one in which more effort is devoted to the production of goods than to the production of services. a. true b. false
Answers (1)
Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee.
Answers (1)
Osborn Company's unadjusted book balance at June 30, 2014 is $7,800. The company's bank statement reveals bank service charges of $45.
Answers (1)
Which of the following is a correct formula when markup is based on selling price? a Dollar markup X Selling price = Percentage markup b Dollar markup + Percentage markup = Selling price c Dollar markup - divide by-Percentage markup =
Answers (1)