what did you learn? question 7 of 10 what is a reason to pay more than the minimum payment due on your…
what did you learn? question 7 of 10 what is a reason to pay more than the minimum payment due on your credit statement each month? you save money on interest. it takes more time to pay off a balance. your credit utilization rate stays the same. it hurts your creditworthiness.
Answer
Brief Explanations:
Paying more than the minimum reduces the principal balance faster, thus less interest accumulates over time. Paying only the minimum extends the repayment period, doesn't change credit - utilization in a positive way, and doesn't harm creditworthiness if the minimum is paid on time. But paying more is beneficial for interest savings.
Answer:
You save money on interest.