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  3. the chart above looks at paying off a credit card

The chart above looks at paying off a credit card balance and assumes you will...

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Finance

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The chart above looks at paying off a credit card balance and assumes you will not be using it while paying it down. in these minimum payment examples the balance decreases by only 1% each month. most of us will use credit cards throughout the year, andthat means we make carry a balance past the grace period. assuming you were trying to pay off the balance while still using the card, what actions must you take? Your response should be at least 100 words.

Credit Card Interest Rate Balance Minimum/Fixed Number ofTotal Interest Months to Pay in Paid Full Payment Impact of Interest Rates $5,000 Minimum (interest+ 1% of balance) Minimum (interest+1% of balance) 13% 1261 4,938.46 $5,000 18% | Z73 6,423-04 Impact of Payment Amounts 15% Minimum (interest+ 1% of balance Fixed $100 $2,000 1 ) 7 5 H1,479. 20 $2,000 15% 24 315. 89

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