simon has a balance of $3090 on his credit card, which he plans to pay off by making a payment of the same…

simon has a balance of $3090 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 simon to pay off his balance the fastest?\na. $40\nb. $45\nc. $50\nd. $55

simon has a balance of $3090 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 simon to pay off his balance the fastest?\na. $40\nb. $45\nc. $50\nd. $55

Answer

Explanation:

Step1: Understand the concept

The larger the monthly payment, the fewer months it will take to pay off the balance.

Step2: Compare the amounts

We have monthly payment options: A. $40, B. $45, C. $50, D. $55. Among these, $55 is the largest amount.

Answer:

D. $55