Question

Arthur has a balance of $2330 on his credit card, which he plans to pay off by

making a payment of the same amount each month. Which of these monthly

amounts will allow Arthur to pay off his balance the fastest?

Answer 1

C. $80

Explanation:

A. $70

B. $65

C. $80

D. $75

When he pays $70 monthly

Number of months = $2330 / $70

= 33.3 months

When he pays $65 monthly

Number of months = $2330 / $65

= 35.9 months

When he pays $80 monthly

Number of months = $2330 / $80

= 29.1 months

When he pays $75 monthly

Number of months = $2330 / $75

= 31.1 months

The monthly amounts that will allow Arthur to pay off his balance the fastest is $80 per month