Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false)
Posted: Mon Jul 11, 2022 12:50 pm
Decide whether the following statement makes sense (or isclearly true) or does not make sense (or isclearly false). Explain your reasoning.
I make only the minimum required payments on my credit cardbalance each month, because that way I'll have more ofmy own money to keep.
Question content area bottom
Part 1
Choose the correct answer below.
A.
The statement does not make sense. The same amount of money ispaid in the long term, regardless of how much is paid eachmonth.
B.
The statement makes sense. Minimum payments go entirely towardsprincipal.
C.
The statement makes sense. If you spend less money on a creditcard loan, then you will have much more spending money everymonth.
D.
The statement does not make sense. It takes a very long time topay off a credit card loan if only the minimum payments are made.This results in much more interest being paid.
I make only the minimum required payments on my credit cardbalance each month, because that way I'll have more ofmy own money to keep.
Question content area bottom
Part 1
Choose the correct answer below.
A.
The statement does not make sense. The same amount of money ispaid in the long term, regardless of how much is paid eachmonth.
B.
The statement makes sense. Minimum payments go entirely towardsprincipal.
C.
The statement makes sense. If you spend less money on a creditcard loan, then you will have much more spending money everymonth.
D.
The statement does not make sense. It takes a very long time topay off a credit card loan if only the minimum payments are made.This results in much more interest being paid.