Calculating debt safety ratio Use Worksheet 7.1.Every 6 months, Larry Sun takes an inventory of the consumer debts he has outstanding. His latest tally shows that he still owes $3,250 on a home improvement loan (monthly payments of $350); he is making $50 monthly payments on a personal loan with a remaining balance of $800; he has a $1,250, secured single-payment loan that's due late next year; he has a $75,000 home mortgage on which he's making $700 monthly payments; he still owes $5,800 on a new car loan (monthly payments of $275); and he has a $1,360 balance on his MasterCard (minimum payment of $30), a $85 balance on his Exxon credit card (balance due in 30 days), and a $1,600 balance on a personal line of credit ($80 monthly payments) a. Use Worksheet 7.1 to prepare an inventory of Larry's consumer debt. Type of Consumer Debt Creditor Currently Monthly Payment Latest Balance Due Auto loans $ Personal installment loans $ $ $ MasterCard $ Home improvement loan Single-payment loans Credit cards (retail charge cards, bank cards, THE cards, etc.) Personal line of credit Totals Exxon $ $ $ $ $ b. Find his debt safety ratio given that his take-home pay is $2,000 per month. Round the answer to 1 decimal place