If you buy a $1000 bicycle, which credit card payoff strategy will result in your paying the LEAST?

Pay $100 per month for 10 months

Pay the required amount on your monthly statement until it’s paid off

Pay $250 per month until it’s paid off

Pay the minimum monthly payment

The correct answer is letter "C": Pay $250 per month until it’s paid off.

Explanation:

While paying a debt on a credit card, it is recommended for the cardholder to select the shortest length for payoff possible because choosing the largest implies adding more interest and fees to the debt.  

In the example, if the principal -the quantity of debt without interest- is $1,000 and the cardholder decides to make $250 payments, it implies the debt will be paid off in 4 months ($1,000/$250 = 4). Then, that is the choice to select if the intention is paying less.