5
AssignmentMultiple Choice

Managing Financial Information

Question 5 • Personal Finance - EL3403

How can Elizabeth most responsibly pay off her bill sooner?

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

Explanation

Paying more than the minimum each month reduces the unpaid balance faster, so less interest has time to build up and the bill is paid off sooner. Continuing to make only minimum payments usually takes longer and costs more in interest. A new credit card or personal loan would replace or add debt rather than directly solve the bill responsibly.

AI-written and checked against the verified answer.

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