Homework Answers
a. Debt limit ratio = Total debt payments / Limit of the Payments.
Total debt payments = Lawaway payments+ Car payments + Credit
payments
= 117+251+83
= 451
Limit of the Payments = 2281
Debt limit ratio = 451/2281 = 0.1977
=19.77%
Add Answer to:
Suppose Lee has monthly layaway payment of $117, car payment of $251, and credit card payment of $83. If she takes...
Suppose Lee has monthly layaway payment of $117, car payment of $251, and credit card payment...
Suppose Lee has monthly layaway payment of $117, car payment of $251, and credit card payment of $83. If she takes home $2281 monthly, what is his debt limit ratio? Answer Check
Suppose Kedric has a monthly Best buy credit card payment of $144, motorcycle payment of $178,...
Suppose Kedric has a monthly Best buy credit card payment of $144, motorcycle payment of $178, mortgage payment of $750 and credit card payment is $49. If he takes home $2159 monthly, what is his debt limit ratio? Answer: Check
Suppose Kedric has a monthly Best buy credit card payment of $141, motorcycle payment of $226,...
Suppose Kedric has a monthly Best buy credit card payment of $141, motorcycle payment of $226, mortgage payment of $750 and credit card payment is $40. If he takes home $2540 monthly, what is his debt limit ratio? Answer: Check
Suppose Dejuan pays monthly student loan payment is $304, car note payment is $371, mortgage payment...
Suppose Dejuan pays monthly student loan payment is $304, car note payment is $371, mortgage payment is $925 and credit card payment is $494. If he takes home $4562 monthly, what is his debt limit ratio? Answer: Check
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card with an APR of 9% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as before, how long will it take him to pay off his credit card debt?
1. Suppose the credit limit on your credit card is $4,925. What is the largest balance...
1. Suppose the credit limit on your credit card is $4,925. What is the largest balance you should carry on this card to maintain an acceptable debt ratio? Please explain. 2. Suppose you pay the minimum payment on your credit card by the due date, leaving an outstanding balance of $1,359. The interest rate on your card is 24.45% APR. If you intend to pay off the balance on the card in 1 month, what will the balance be at...
Jamie Lee Jackson, age 27, full-time student and part-time bakery employee, has just moved into a...
Jamie Lee Jackson, age 27, full-time student and part-time bakery employee, has just moved into a bungalow-style, unfurnished home of her own. The house is only a one- bedroom, but the rent is manageable and has plenty of room for Jamie Lee. She decided to give notice to her roommate that she would be leaving the apartment and the shared expenses after the incident with the stolen checkbook and credit cards a few weeks back. Jamie had to dip in...
If the credit card has an annual interest rate of 13.6% and only the minimum monthly payment of $35 is made, how many months will it take to pay off the credit card?
Part 2: Credit Cards Another type of personal loan is a credit card. A financial institution allows you to charge a purchase to your account, and you are required to pay the financial institution at a later time. As with other loans, credit cards charge interest. Interest rates can range from 3% - 22%. When you are paying for debt on a credit card, the financial institution will require a minimum balance be paid each month. The higher the interest rate that is charged...
Use Worksheet 6.1. Alyssa Clark is evaluating her debt safety ratio. Her monthly take-home pay is...
Use Worksheet 6.1. Alyssa Clark is evaluating her debt safety ratio. Her monthly take-home pay is $3,290. Each month, she pays $250 for an auto loan, $180 on a personal line of credit, $75 on a department store charge card, and $60 on her bank credit card. Complete Worksheet 6.1 by listing Alyssa's outstanding debts. Calculate her debt safety ratio. Round the answer to 1 decimal place. Enter debt safety ratio as a percentage. % Given her current take-home pay,...
21. Stacey has a $8,000 balance on her credit card that has an interest rate of...
21. Stacey has a $8,000 balance on her credit card that has an interest rate of 21%, compounded monthly. (a) If she decides to pay it off over 5 years with equal monthly payments, how much should each payment be? (b) How much interest will Stacey pay to the credit card company? (c) If instead she wants to completely pay off her debt after 3 years (1.6. 2 years early), what lump sum payment must she make?
Suppose Lee has monthly layaway payment of $117, car payment of $251, and credit card payment of $83. If she takes home $2281 monthly, what is his debt limit ratio? Answer Check
Suppose Kedric has a monthly Best buy credit card payment of $144, motorcycle payment of $178, mortgage payment of $750 and credit card payment is $49. If he takes home $2159 monthly, what is his debt limit ratio? Answer: Check
Suppose Kedric has a monthly Best buy credit card payment of $141, motorcycle payment of $226, mortgage payment of $750 and credit card payment is $40. If he takes home $2540 monthly, what is his debt limit ratio? Answer: Check
Suppose Dejuan pays monthly student loan payment is $304, car note payment is $371, mortgage payment is $925 and credit card payment is $494. If he takes home $4562 monthly, what is his debt limit ratio? Answer: Check
21. Stacey has a $8,000 balance on her credit card that has an interest rate of 21%, compounded monthly. (a) If she decides to pay it off over 5 years with equal monthly payments, how much should each payment be? (b) How much interest will Stacey pay to the credit card company? (c) If instead she wants to completely pay off her debt after 3 years (1.6. 2 years early), what lump sum payment must she make?
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago