Question: Making even a minimum payment each month is very important. The minimum payment is not just an amount that the credit card companies want you

Making even a minimum payment each month is very important. The

Making even a minimum payment each month is very important. The minimum payment is not just an amount that the credit card companies want you to pay in order to get some of their money back, it is also a good thing for the card user to pay, at the very least, each month. Let's see if we can figure out why. d) Suppose you have a credit card with a 25.56% APR that you use for a $700 purchase. You are currently only able to budget $10 a month toward the card, Fill in the table below: After Months Interest Charged Balance Payment Remaining Balance 0 N/A $700 2 3 e) What is happening to the credit card's balance as each payment is made? Explain why this is a

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