If You Make the Minimum Payment on a Credit Card

question 127

True/False

If you make the minimum payment on a credit card account,it will take six years or more to pay off the balance even if the card is never used again.

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Definitions:

Gift

A transfer of personal property by one individual to another without any consideration or payment.

Acceptor

In the context of banking and finance, an acceptor refers to the party who agrees to pay a bill of exchange or draft, typically a bank.

Draft

A preliminary version of a document or plan, subject to revisions and corrections.

Instrument

A legal document that formalizes an agreement or right, often used in financial and property transactions.