Homework Answers
Answer :
Calculation of Debt limit ratio :
Total monthly payments = Best buy credit card payment+Motorcycle payment +Mortgage payment + credit card payment
=$141+$226+$750+$40
=$1157
Total monthly income = $2540
Debt limit ratio = Total Debt / Total income =Total monthly payments / Total monthly income
= 1157/2540
=45.55%
Therefore, total debt limit ratio = 45.55%
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