Elijah has three major purchases to pay off on his credit card.They are as follows: $1,000 at 10%,$500 at 15%,and $250 at 5%.How should he pay off his debts?

Question

Quizplus · Accepted Answer

The best way for Elijah to pay off his debts is to start by paying off the lowest amount first, which is $250 at 5%. This method is called the "snowball method" and is a popular debt pay-off strategy. By paying off the smallest debt, Elijah can gain momentum and motivation to pay off the rest of his debts. After he pays off the $250 debt, he can move on to the $500 debt at 15%, and finally the $1,000 debt at 10%. This method will help him save money on interest charges in the long run.

Elijah Has Three Major Purchases to Pay Off on His