Which of the following is not true for the percent of balance method for calculating a credit card minimum monthly payment? a. A person’s payment might not cover all her accrued interest.

b. It can take years to pay off even the smallest balances.

c. The payments are likely calculated at a lower rate than the interest is.

d. A person’s payment will cover all of her accrued interest, and she should be able to pay off balances in under a year.

e. It is usually 1-3 percent of the remaining balance at the end of the billing cycle.