below is a table of the loans you have currently taken out with their balance and interest rate.\ntype of…

below is a table of the loans you have currently taken out with their balance and interest rate.\ntype of loan balance interest rate\nmortgage $100,000 3%\nstudent loan $8,000 6%\nauto loan $15,000 7%\nif you are following the snowball method, which loan should you pay off first?\nchoose 1 answer:\na mortgage\nb auto loan\nc student loan

below is a table of the loans you have currently taken out with their balance and interest rate.\ntype of loan balance interest rate\nmortgage $100,000 3%\nstudent loan $8,000 6%\nauto loan $15,000 7%\nif you are following the snowball method, which loan should you pay off first?\nchoose 1 answer:\na mortgage\nb auto loan\nc student loan

Answer

Brief Explanations:

The snow - ball method involves paying off the smallest debt first regardless of the interest rate. Among the given loans, the student loan has the smallest balance of $8,000.

Answer:

C. student loan