Owen makes $3,000 per month. He spends $300 on credit

Yandel Hunter

Yandel Hunter

Answered question

2022-02-09

Owen makes $3,000 per month. He spends $300 on credit card payments and $350 on an auto loan. What is his debt- to-income ratio?

Answer & Explanation

helmedktv

helmedktv

Beginner2022-02-10Added 7 answers

So the ratio is debt-to-income of 13:60
Explanation:
Assumption: The credit card and auto loan figures given are per month.
Total outgoings for 1 month: $300+$350=$650
Write debt-to-income ratio as;-
outgoings: income outgoingsincome=$650$3000
For simplifying this is treated in the same way you would a fraction.
650÷503000÷50=1360
13 is a

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