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(a)
Case summary: Person CM who got graduated with a degree in food science and is employed with consumer food company and earning 70,000 annually with $58,000 take-home pay. Person CM pays monthly rent of $1,100. The person CM has loan of $38,000 for which she pays $385 monthly. She has current debt of $8000 on which monthly pay is $240 and has assets of $14,000.
Character in the case: Person CM
Adequate information:The person CM has loan of $38,000 for which she pays $385 monthly. She has current debt of $8000 on which monthly pay is $240 and has assets of $14,000. Monthly rent is $1,100. Annual income 70,000 and net income is $58,000. To determine: Debt payment to disposable income ratio.
(b)
Case summary: Person CM who got graduated with a degree in food science and is employed with consumer food company and earning 70,000 annually with $58,000 take-home pay. Person CM pays monthly rent of $1,100. The person CM has loan of $38,000 for which she pays $385 monthly. She has current debt of $8000 on which monthly pay is $240 and has assets of $14,000.
Character in the case: Person CM
Adequate information:The person CM has loan of $38,000 for which she pays $385 monthly. She has current debt of $8000 on which monthly pay is $240 and has assets of $14,000. Monthly rent is $1,100. Annual income 70,000 and net income is $58,000. To determine: Debt to total income ratio.
(c)
Case summary: Person CM who got graduated with a degree in food science and is employed with consumer food company and earning 70,000 annually with $58,000 take-home pay. Person CM pays monthly rent of $1,100. The person CM has loan of $38,000 for which she pays $385 monthly. She has current debt of $8000 on which monthly pay is $240 and has assets of $14,000.
Character in the case: Person CM
Adequate information:The person CM has loan of $38,000 for which she pays $385 monthly. She has current debt of $8000 on which monthly pay is $240 and has assets of $14,000. Monthly rent is $1,100. Annual income 70,000 and net income is $58,000. To discuss: the Person CM’s debt situation along with her debt usage during college times.
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Chapter 6 Solutions
MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 2 terms
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Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT