Compute the debt to credit ratio for a young man name John. He currently has a $15,000 car loan, $100,000 house loan and $3,000 in credit card debt. His total avaiable credit is $ 154815. Write your answer as a decimal that is accurate to two decimal places.

Q: Beginning Balances for Quentin's Four Credit Cards Card A Card C Card D Balance $4,134.00 $932.00…

A: The value of interest payable over the term of the loan and the loan value due is equal to the total…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate…

A: Finance Charge:- It is a form of compensation to the lenders for providing funds or extending credit…

Q: What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage…

A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…

Q: You have 1 account:   The balance owed is $625 and a $2500 credit limit.   What is your…

A: Debt-to-credit ratio = Debt availed/Credit limit

Q: A borrower has a gross monthly income of $4,875, has a minimum credit card bill of $135, a car lease…

A: DTI stands for debt to income ratio. This ratio expresses the debt as a percentage of income. Higher…

Q: Abdul has a debit card linked to a checking account with an available balance of $1480. He also owes…

A: Data given: Checking account balance=$1480 Amount owed to credit card= $1030 Credit card limit=$2400

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9%   To Find: Minimum Payment…

Q: For the car loan described, give the following information. A car dealer will sell you the $30,950…

A: In this problem we have to get interest rate from given data.

Q: 1. Rayleene is getting a loan to buy a used car from a seller on Kiji. The price of the car is…

A: The loan principal: The loan principal is computed as the difference between the purchase price and…

Q: Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she…

A: Payments made = $108.50 for 10 times Original Loan = $1000 Interest Amount = Total Payment made -…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: Finance charges are the interest paid on the loan and these are additional payments over the loan as…

Q: Justify whether you would you make this loan for two years as they have requested or not? 2) Discuss…

A: Given in the question: Minimum points required to get a loan from bank = 30 points Points are…

Q: Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and…

A: Amount owed = 5232.25 Interest Cost = 1.75% per month

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: Evaluating debt burden.  Ted Phillips has a monthly take-home pay of $1,685; he makes payments of…

A: Debt-burden is the cost of serving debt. It is the cost of interest payment of credit cards,…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…

A: People and organizations use home loans to purchase land without following through on the whole buy…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed…

A: Cost of sailboat = $8,350Down payment = $1,700Monthly payment = $237.38Number of period = 36 months

Q: 5) Jon has a credit limit of $15,000 on his credit card. He had a previous balance of $427.51. He…

A: Credit cards are widely accepted and provide a convenient way to make purchases without carrying…

Q: Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance metho of…

A: Previous balance = $178.85payments and credits = $74.00new purchases = $98.74periodic rate = 1.5%

Q: Brandon has reached his credit card limit of $5000.00. Using an online calculator, Brandon…

A: When an investor borrowing money for the purpose of meet the obligations then, the cost that charged…

Q: ou have 3 accounts: Account A has a $100 balance and a $300 credit limit. Account B has a $100…

A: Debt to credit ratio is percentage utilization is credit limit. The debt to credit ratio, also known…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: Given information : Purchase price = $8350 Down payment = $1300 Monthly payments = $237.38 Time…

Q: Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in…

A: Given informationPrincipal = $600 Rate = 0.05645% per day or 0.0005645 Time = 28 days

Q: Dave borrowed $440 and paid $44 in interest when he repaid the principal after one year. The lender…

A: The effective cost of a loan refers to the total cost that a borrower will incur over the life of…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: finance charges refer to the fees or interest that a borrower pays to a lender for the use of credit…

Q: Kim is shopping for a car. She will finance $14,000 through a lender. The table to the right shows…

A: Interest is required to be paid on amount of loan taken.Repayments of loan can be monthly ,…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed…

A: The Annual Percentage Rate (APR) is similar to the interest rate. It is on a yearly basis that is…

Q: Mr. Keith loaned $258,530 from the bank. After nine months, he paid back $291,192 and closed the…

A: Borrowings are the loan which is taken by the individual to meet its financial requirements. The…

Q: 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment…

A: To find out the amount owed, closing balance needs to be added with monthly finance charge.

Q: Anthony has a Visa card with a $33,500 limit, a MasterCard with a $22,000 limit, a Chase Card with a…

A: Debt-to-credit ratio is also known as Credit Utilization rate.It represents how much debt you have…

Q: Joseph Simpson, a student at State College, has an average balance of $250 on his retail charge…

A: Monthly interest refers to the amount of money charged or earned on a financial account, such as a…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: Formulate a system of equations for the situation below and solve. Michael Perez has a total of…

A: Two different savings options are there. We have to find the sum invested in each of them.

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Finance Charge is the amount of interest being charged on the borrowed amount from the lenders.

Q: You decided it is important to pay off some of your debt to help build your credit score. If you…

A: Simple interest is calculated by multiplying by the principal the daily interest rate by the amount…