Here's a FIDDLE that'll get you started.
JS
$('#payment').change(function(){
var selection = $('#payment').val();
$('.putmehere img').hide();
if( selection == 'd')
{
$('#debit').show();
}
if( selection == 'c')
{
$('#credit').show();
}
if( selection == 'p')
{
$('#paypal').show();
}
});