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Wiley is making monthly payments of $88.00 to pay off a loan that he took out to buy a fence, but he wants to pay off his loan faster. Which of these monthly payments will allow…

Wiley is making monthly payments of $88.00 to pay off a loan that he took out to buy a fence, but he wants to pay off his loan faster. Which of these monthly payments will allow…
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Wiley is making monthly payments of $88.00 to pay off a loan that he took out to buy a fence, but he wants to pay off his loan faster. Which of these monthly payments will allow him to do so?

A. $96.00
B. $72.00
C. $64.00
D. $80.00

User Davychhouk
by
9.1k points

1 Answer

3 votes
Making larger monthly payments than required will pay off a loan faster.  Thus, the answer is A.
User David Mason
by
8.3k points
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