Concept explainers
a
To find: The debt-to-income ratio taking in account all monthly expenses.
a
Answer to Problem 16PPS
Debt-to-income ratio
Explanation of Solution
Given Information:
A table is given showing the expenses and salary of Cameron.
From table, total monthly expenses
Salary
Calculation:
Debt-to-income ratio
Thus, Debt-to-income ratio
b.
To find: Whether Cameron will get approved for a loan.
b.
Answer to Problem 16PPS
Cameron will get approved for a loan.
Explanation of Solution
Given Information:
A table is given showing the expenses and salary of Cameron.
From table, total monthly expenses
Salary
Calculation:
Debt-to-income ratio
Since debt-to-income ratio of Cameron is less than
C
To find:The maximum car payment that Cameron can afford.
C
Answer to Problem 16PPS
Cameron can afford the maximum car payment of
Explanation of Solution
Given Information:
A table is given showing the expenses and salary of Cameron.
From table, total monthly expenses
Salary
Ideal ratio to find the maximum monthly payment
Calculation:
According to the given condition,
So, Cameron can afford the maximum car payment of
Chapter 1 Solutions
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Additional Math Textbook Solutions
College Algebra
Elementary and Intermediate Algebra
Elementary Algebra
College Algebra with Modeling & Visualization (5th Edition)
Elementary and Intermediate Algebra: Concepts and Applications (7th Edition)
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education