Understanding minimum payments
Students watch a video and answer questions to learn how long it takes to pay off a credit balance when making only minimum payments.
The more you pay on your credit card bill each month, the less you will pay over time.
- What is a minimum monthly credit card payment?
- How is a minimum monthly payment calculated?
- Learn how credit card companies calculate minimum monthly payments
- Calculate how many months it takes to pay off a credit card balance when making only the minimum monthly payment
What students will do
- Find out what interest is and how credit card companies calculate it.
- Consider how paying more than the minimum monthly payment affects the amount of time it takes to pay off a credit card balance.