Question
I would like to see chapter 7 problem 3FPE worked out so that i can compare it with my answer and make sure i am
I would like to see chapter 7 problem 3FPE worked out so that i can compare it with my answer and make sure i am correct please.
Chapter 7 3FPE
Every six months, Larry Sun takes an inventory of conusmer debts that he has outstanding. His latest talley shows that he still owes $4000 on a home improvement loan (monthly payments of $125); he is making $85 monthly payments on a personal loan with a remaining balance of $750; he has a $2000, secured, single-payment loan thats due late next year; he has a $70000 home mortgage on which he is making $750 monthly payments; he still owes $8600 on a new car loan (monthly payments of $375); and he has a $960 balance on his MasterCard (minimum payment of $40), a $70 balance on his Exxon credit card (balance due in 30 days), and a $1200 balance on a personal line of credit ($60 monthly payments). Use Worksheet 7.1 to prepare inventory of Larry;s consumer debt. Find his debt safety ratio given that his take-home pay is $2500 per month. Would you consider this ratio to be good or bad? Explain.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started