elizabeth just received her credit card bill. she calculates the compound interest on her bill and considers…

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? by continuing to pay the minimum monthly payment by paying it off with a different credit card by taking out a personal loan from a bank by paying more than the minimum payment each month

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? by continuing to pay the minimum monthly payment by paying it off with a different credit card by taking out a personal loan from a bank by paying more than the minimum payment each month

Answer

Brief Explanations:

Paying more than the minimum monthly payment reduces the principal faster, thus paying off the bill sooner without incurring additional debt - related risks like taking a personal loan. Continuing to pay the minimum extends the repayment period, and using a different credit - card doesn't necessarily speed up repayment. Taking a personal loan may have additional fees and interest.

Answer:

by paying more than the minimum payment each month