Question

Marcia has a balance of $1700 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 Marcia to pay off her balance fastest?

A. $55
B. $45
C. $75
D. $90

Answer 1

$90

Explanation:

Answer 2

Amount that is left on Marcia credit card = $ 1700

Marcia thought that ,she will pay off her balance,by making a payment of the same amount each month.

As, there are four payment methods are given , we have to find the way in which balance can be paid fastly.

A.→ 55 × Number of months = 1700

Number of months =
`(1700)/(55)=31` months (approx)

B. → 45 × Number of months = 1700

Number of months =
`(1700)/(45)=38` months (approx)

C.→ 75 × Number of months = 1700

Number of months =
`(1700)/(75)=23` months (approx)

D.→ 90 × Number of months = 1700

Number of months =
`(1700)/(90)=19` months (approx)

The monthly amount of $ 90,will allow Marcia to pay off her balance fastest.