from the statements below, identify the way or ways in which making only minimum monthly payments on a long…

from the statements below, identify the way or ways in which making only minimum monthly payments on a long - term credit purchase can be a disadvantage.\ni. it is illegal to make only the minimum payments for more than one year.\nii. repeatedly making minimum payments harms your credit score.\niii. the total cost is higher if the length of the debt is longer.\na. i and ii\nb. ii only\nc. i and iii\nd. ii and iii\nplease select the best answer from the choices provided

from the statements below, identify the way or ways in which making only minimum monthly payments on a long - term credit purchase can be a disadvantage.\ni. it is illegal to make only the minimum payments for more than one year.\nii. repeatedly making minimum payments harms your credit score.\niii. the total cost is higher if the length of the debt is longer.\na. i and ii\nb. ii only\nc. i and iii\nd. ii and iii\nplease select the best answer from the choices provided

Answer

Answer:

d. II and III

Brief Explanations:

Making only minimum payments isn't illegal for over a year. Repeated minimum - payments can lower credit scores as it shows high credit utilization. Also, longer debt - length with minimum payments means more interest, increasing total cost.