Q:

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

Accepted Solution

A:
Amount that is left on Marcia credit card = $ 1700Marcia 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.β†’ 55 Γ— Number of months = 1700Number of months = [tex]\frac{1700}{55}=31[/tex] months (approx)B. β†’ 45 Γ— Number of months = 1700Number of months = [tex]\frac{1700}{45}=38[/tex] months (approx)C.β†’ 75 Γ— Number of months = 1700Number of months = [tex]\frac{1700}{75}=23[/tex] months (approx)D.β†’ 90 Γ— Number of months = 1700Number of months = [tex]\frac{1700}{90}=19[/tex] months (approx)The monthly amount of $ 90,will allow Marcia to pay off her balance fastest.