In general, reducing the monthly payment (P) of a credit card but keeping the interest rate (i) and present value (PV) the same will __________. A. Decrease the number of periods (n) needed to pay off the debt b. Increase the number of periods (n) needed to pay off the debt c. Eliminate the number of periods (n) needed to pay off the debt d. Have no effect on the number of periods (n) needed to pay off the debt.

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17-03-2022
Business

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In general, reducing the monthly payment (P) of a credit card but keeping the interest rate (i) and present value (PV) the same will __________. A. Decrease the number of periods (n) needed to pay off the debt b. Increase the number of periods (n) needed to pay off the debt c. Eliminate the number of periods (n) needed to pay off the debt d. Have no effect on the number of periods (n) needed to pay off the debt.

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deebikamadhivanan deebikamadhivanan · Answer 1 · 2022-03-23T17:17:35+01:00

The monthly payment is computed as a percentage of your current outstanding balance, but it will never be less than 15 percent. As a result, option (d) is the proper response.

What affects the credit card monthly payments?

In general, lowering a credit card's monthly payment (P) while maintaining the same interest rate I and present value (PV) has no effect on the number of periods (n) required to pay off the loan.

For more information about monthly payments, refer below

https://brainly.com/question/1201779

jp912south jp912south · Answer 2 · 2022-05-02T16:56:34+02:00

jp912south jp912south

02-05-2022

Answer:

D

Explanation:

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