MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 2 terms
MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 2 terms
13th Edition
ISBN: 9780357438909
Author: Garman; E. Thomas; Forgue; Raymond
Publisher: Cengage Learning US
bartleby

Videos

Textbook Question
Book Icon
Chapter 6, Problem 5FPC

Cousins Discuss Their Debt Situations Melinda Dennis from Sewell, New Jersey, just graduated from college and is concerned about her student loan debts. While at her graduation party she got to talking with three of her cousins, Kyle, Mariah, and Hadrian, who have been out of school for several years and found they each have had somewhat different pattern with using credit and carrying debt. Kyle, who had taken a personal finance class, said he felt good about his credit management and mentioned he has a debt payments-to-disposable income ratio of 7 percent. None of the other three cousins even knew what such ratio was. Kyle offered to do the calculations for the other three cousins. After doing so, he found ratios of 20 percent for Melinda due to her student loan debt, 12 percent for Mariah due primarily to a car loan, and 16 percent for Hadrian due to both a car loan and credit card debt. The cousins are planning to get together next week and discuss what Kyle has found. What assessment and advice should Kyle give to his cousins?

Blurred answer
Students have asked these similar questions
Don't used Ai solution
You bought a bond five years ago for $935 per bond. The bond is now selling for $980. It also paid $75 in interest per year, which you reinvested in the bond. Calculate the realized rate of return earned on this bond.   I want to learn how to solve this on my financial calculator. Can you show me how to solve it through there.
What are the Cases Not Readily Bound and what is a Dignity in a Research Study? What are the differences between Dignity in a Research Study and Cases Not Readily Bound? Please help to give examples.
Knowledge Booster
Background pattern image
Finance
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Personal Finance
Finance
ISBN:9781337669214
Author:GARMAN
Publisher:Cengage
Text book image
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:9780357391266
Author:Nellen
Publisher:Cengage
Text book image
SWFT Comprehensive Volume 2019
Accounting
ISBN:9780357233306
Author:Maloney
Publisher:Cengage
Text book image
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Text book image
SWFT Comprehensive Vol 2020
Accounting
ISBN:9780357391723
Author:Maloney
Publisher:Cengage
Text book image
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:9780357110362
Author:Murphy
Publisher:CENGAGE L
Understanding Credit; Author: UCBStudentAffairs;https://www.youtube.com/watch?v=EBdXREhOuME;License: Standard Youtube License