A monthly payment of an amount equivalent to $55 or more will allow Sheila to pay off her balance on her credit card the fastest. Therefore, the option D holds true.
What is the significance of monthly payment?
A monthly payment can be referred to or considered as a method of making a repayment of any kind of loans or advances or debts on a monthly basis. The payment is recurring at regular monthly intervals, and the repayment amount is also fixed.
In case of the conditions given above, an amount of $55 monthly payment will take only 22 months to pay in full; whereas, the other given amounts of monthly payments will ultimately take more time as the amounts of monthly payments are also lower.
Therefore, the option D holds true regarding the significance of the fastest monthly payments by Sheila.
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The question seems to be incomplete. The complete question has been attached below for reference.
Sheila has a balance of $1190 on her credit card, which ''she'' plans to pay off by making a payment of the same amount each month. Which of these monthly amounts will allow Sheila to pay off her balance the fastest?
A : $25
B : $30
C : $20
D : $55
