Final answer:
The percent of the original credit card balance that would not have been paid depends on the interest rate and the period of repayment. Minimum payments primarily cover interest costs, with a smaller portion reducing the principal. Over time, if only minimum payments are made, a significant portion of the original balance can remain unpaid.
Step-by-step explanation:
The question 'What percent of the original credit card balance would not have been paid?' pertains to understanding how credit card payments, interest rates, and principal balances work. When you make a minimum payment on a credit card, part of that payment goes towards paying off the principal balance, which is the amount of money you originally borrowed, and part of it goes towards paying interest, which is the cost of borrowing that money.
If both you and your friend have a $2,000 credit card debt and make minimum payments of $60, but your friend pays an additional $10 each month, over time, your friend will have paid off more of the principal balance than you. The exact percent of the balance not paid will depend on the interest rate and the period of the debt. A 15% annual interest rate would have to be factored in to calculate how much of each payment is going towards principal versus interest.
With a typical interest rate ranging from 12% to 18%, a significant portion of the minimum payment might go towards paying off the interest, especially in the early stages of repayment. If only minimum payments are made, it can take a very long time to pay off the original balance, resulting in a large portion of the balance not being paid off for a substantial amount of time.