Homework Answers
Answer:
Total monthly payments = layaway payment+car payment+credit card payment
= $117+$251+$83
= $451
Total Monthly income = $2281
Debt limit ratio = Total Debt/total income= Total monthly payments / Total monthly income
= 451/2281
= 0.1977
= 19.77%
Therefore, Debt limit ratio = 19.77%
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