Credit and Borrowing Unit Test

22 of 2322 of 23 Items

Question
A credit card has a 24 percent annual interest rate (2 percent monthly), a $5,000 balance, and a monthly minimum payment of $130. How much of the balance would be paid off in that month if only the monthly minimum payment was made?(1 point)
Responses

$20
$20

$30
$30

$100
$100

$130

1 answer

$100

Ask a New Question or answer this question.

Similar Questions

Credit and Borrowing Unit Test4 of 204 of 20 Items Question How does decreasing your credit card balance affect your income
1. 1 answer
Rank the credit çards from best to worse from a borrowers perspective based on APR:Credit card A-10% APR Credit card B-12% APR
1. 1 answer
Which of the following will likely lower your credit score?- You have a major credit card, a store credit card, and a gasoline
1. 1 answer
Credit and Borrowing Unit Test18 of 2018 of 20 Items Question You are looking at two loans for the same amount over the same
1. 1 answer