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Sheila has a balance of $1190 on her credit card, which she plans to pay off by making a payment of the same amount each month. Which of these monthly amounts will allow Sheila …

Sheila has a balance of $1190 on her credit card, which she plans to pay off by making a payment of the same amount each month. Which of these monthly amounts will allow Sheila …
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3 votes
Sheila has a balance of $1190 on her credit card, which she plans to pay off by making a payment of the same amount each month. Which of these monthly amounts will allow Sheila to pay off her balance the fastest?

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User Romen
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2 Answers

1 vote
What are the monthly amounts?
answered
User Sleepyjames
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7.4k points
2 votes
The fastest payoff would occur when the monthly payment is largest.
answered
User Peter Kjaer
by
8.4k points
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