"Pete" <[EMAIL PROTECTED]> writes:
> Wouldn't a credit card payment system use FIFO, that is
> for the items most recently purchased, those are
> the first ones paid off? Similar to a mortgage where you
> pay down interest first then tackle the principle?
Not necessarily. Sometimes payments are applied to the lowest
interest rates first (for example if you get a special interest rate
for balance transfers, payments may get applied to the transfer
balances before other purchases).
-derek
--
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
[EMAIL PROTECTED] PGP key available
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