Question: Allyson would like to pay off her debt, reducing the debt with the highest interest rate first. Compared to the snowball approach of debt reduction,

Allyson would like to pay off her debt, reducing the debt with the highest interest rate first. Compared to the snowball approach of debt reduction, which of the following statements

are CORRECT?

I. Compared to the snowball approach, it is relatively more difficult to pay off the first debt with a high balance quickly.

.

This approach increases the total amount of interest paid during the debt reduction process

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