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07-05-2024
Business

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EDPUZZLE: Strategies for Paying Down Debts
The snowball and high rate methods are two popular strategies to pay down multiple debts.
Watch this video and follow
your teacher's directions to answer questions 1-3 either in your
student activity
packet or within the EdPuzzle itself. Then, answer the additional question 4 in
your
student activity packet.
1. If you're using the Snowball Method, which debt do you focus on first after you've
made all of your minimum payments?
a. Highest balance
b. Lowest interest rate
c. Lowest balance
d. Highest interest rate
2. If you're using the High Rate Method, which debt do you focus on first after you've
made all of your minimum payments?
a. Lowest interest rate
b. Highest interest rate
c. Highest balance
d. Lowest balance
I
3. If the High Rate Method makes the most mathematical sense, why would anyone use
the Snowball Method instead?
a. It saves more money in interest
b. It increases the number of debts you have to repay
c. It increases the number of monthly payments you need to make
d. Paying off any debt in full feels good and motivates you to keep going

Answer :

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