In general, reducing the interest rate (i) of a credit card but keeping the present value (PV) and number of periods (n) the same will __________. a. decrease the monthly payment (P) needed to pay off the debt b. increase the monthly payment (P) needed to pay off the debt c. eliminate the monthly payment (P) needed to pay off the debt d. have no effect on the monthly payment (P) needed to pay off the debt

If the present value and number of periods are the same, but interest rate is lowered, this means that less interest needs to be paid each month, and the correct answer is a) decrease the monthly payment.
Monthly payments would increase if the interest rate increases. Monthly payments cannot be eliminated.