Question

Frank has four different credit cards, the balances and interest information of which are outlined in the table below. as frank was developing a debt payment plan, rick suggested that he pay off the credit cards beginning with the highest interest rate, working his way down. if frank chooses to follow rick’s advice, in what order should frank plan on paying off his credit cards? credit card balance apr a $2,380 19% b $4,500 15% c $1,580 17.50% d $900 21% a. d, a, c, b b. d, a, b, c c. a, d, c, b d. a, c, d, b

Answer 1

From the four different credit cards, the order should frank plan on paying off his credit cards is D, A, C, B.

What is a debt payment plan?

The debt payment plan, is the understanding between the creditor and the borrower to clear all the debt money.

Frank has four different credit cards, the balances, and interest information of which are outlined in the table below.

• Credit card balance         Apr
• a. $2,380                          19%
• b. $4,500                          15%
• c. $1,580                           17.50%
• d. $900                             21%

As frank was developing a debt payment plan, Rick suggested that he pay off the credit cards beginning with the highest interest rate, working his way down.

Frank chooses to follow Rick's advice. By this way, he will choose the highest interset rate to lowest as,

$21\%-19\%-71.50\%-15\%$

Thus, from the four different credit cards, the order should frank plan on paying off his credit cards is D, A, C, B.

Learn more about the debt payment plan here;

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