8
AssignmentMultiple Choice

Credit and Loans

Question 8 • 2027 Ignite Financial Literacy-Personal Finance - EL3403

How can Elizabeth most responsibly pay off her bill sooner?

Answer
A
continue paying the minimum monthly payment
B
pay it off with a different credit card
C
take out a personal loan from a bank
D
pay more than the minimum payment each month

Explanation

Paying more than the minimum each month reduces the balance faster, which can also lower the total interest paid and help Elizabeth pay off the bill sooner. Continuing to pay only the minimum generally takes longer. Moving the debt to another credit card or taking out a personal loan may add costs or shift the debt rather than responsibly paying it off.

AI-written and checked against the verified answer.

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