Which section of a Schumer Box discusses what happens when a payment is late?

Annual Percentage Rate (APR) for Purchases

How to Avoid Paying Interest on Purchases

Penalty APR and When It Applies

Variable Rate and Balance Computation

Penalty APR and When It Applies

Explanation:

A Schumer Box is a table that explains the costs of a credit card in the United States. It has sections like:

-Annual Percentage Rate (APR) for Purchases: It indicates the annual rate that you will be charged when you use the credit card to make a purchase.

-How to Avoid Paying Interest on Purchases: It indicates the specific situation in which you would be exempted from paying interest on a purchase.

-Penalty APR and When It Applies: It indicates the specific situations in which you would have to pay a higher interest rate as an infraction for things like making a late payment.

-Variable Rate and Balance Computation: It indicates how the interest rate can change and how the finance charge is calculated.

According to this, the answer is that the section of a Schumer Box that discusses what happens when a payment is late is Penalty APR and When It Applies.