Using the following information about the family's assets and liabilities, calculate the debt ratio: checking account $3,000 saving account $13,000 credit card balance $5,500 utility' bill $500 home $320,000 mortgage (30 years) $210,000 car $ 25,000 car loan (60month ) $ 18,000 student loan (7years) $25,000 household items $15,000 retirement account $64,000 other assets $39,000

Using the following information about the family's assets and liabilities, calculate the debt ratio: checking account $3,000 saving account $13,000 credit card balance $5,500 utility' bill $500 home $320,000 mortgage (30 years) $210,000 car $ 25,000 car loan (60month ) $ 18,000 student loan (7years) $25,000 household items $15,000 retirement account $64,000 other assets $39,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Question 14

Using the following information about the family's assets and liabilities, calculate the debt ratio:

checking account $3,000

saving account $13,000

credit card balance $5,500

utility' bill $500

home $320,000

mortgage (30 years) $210,000

car $ 25,000

car loan (60month ) $ 18,000

student loan (7years) $25,000

household items $15,000

retirement account $64,000

other assets $39,000

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