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Accounting and Finance
Which of the following statements about minimum payments is incorrect?
If you send in the minimum payment, you will be charged a late fee
Paying the minimum means you are only paying off a portion of your total debt
You will still pay interest on your balance if you submit the minimum payment
Minimum payments are typically only 2-4% of your total debt
Correct Answer:
If you send in the minimum payment, you will be charged a late fee
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