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6.Elizabeth's credit card bill elizabeth just received her credit card bill. She calculates the compound interest on her bill and considers the payments she could make. If she pays the minimum payment of $45, it will take her five years to bring her balance to $0. How can Elizabeth most responsibly pay off her bill sooner ?

Sagot :

Answer: pay more than the minimum payment each month

Explanation:

For Elizabeth to responsibly pay off her bill sooner, she has to pay more than the minimum payment each month.

It should be noted that if she continues paying the minimum monthly payment, it'll take her five years and collecting a loan isn't appropriate as well as she will still have to pay back the loan and incur more debt.

Therefore, she should pay more than the minimum amount as that'll make her pay quicker.

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