Question: 1) Why is it a good idea for consumers to pay more than their minimum balances on open-end credit accounts? 2) Why do consumers become

1) Why is it a good idea for consumers to pay more than their minimum balances on open-end credit accounts?

2) Why do consumers become overextended?

3) Suppose you have a balance of $5,000 on a credit card. Your minimum payment is 3 percent on a card with an APR of 15%. How much of that payment will go toward paying the interest?

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