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For six months, Joel paid the minimum amount due on his credit card bill on time and didn't see his balance rise as a result. Then, he saw the amount owed suddenly jump. What is one possible reason this happened?

A. He was charged a minimum-payment penalty.

B. His interest rate increased.

C. He was charged an overdraft fee.

D. Late fees were added to his bill.​

Respuesta :

The sudden rise in the credit card bill of Joel would be due to the increase in rates of interest.

Option B is correct.

What is interest rate?

Interest rate is the percentage being charged on the total amount of borrowed funds being taken by the borrower.

Joel 's credit card bill seemingly risen which he wouldn't noticed in spite of being paid the amounts on time. This happens due to rise in rates of interest being levied on the total amount of credit card.

Therefore, the reason being mentioned in Option B is correct.

Learn more about the credit card in the related link:

https://brainly.com/question/27350251

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