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THIS IS NOT THE ANSWER...... BELOW.... SECOND TIME TRYING TO GET THE RIGHT ANSWER Kim is trying to decide whether she can afford a loan
THIS IS NOT THE ANSWER...... BELOW.... SECOND TIME TRYING TO GET THE RIGHT ANSWER
Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works part-time in a shoe store, earning a gross income of $870 per month. Her employer deducts $206 for taxes from her monthly pay. Kim also pays $133 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional \$105 per month. Help Kim make her decision by calculating her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) Note: Enter your answers as a percent rounded to 2 decimal places. Without Chiropractic loan, Total debt = Credit card loan =$133 Debt to income ratio =( Total debts / Net Income )100 =(664133)100=20.03% With Chiropractic loan, Total debt = credit card loan + chiropractic loan =133+105=$238 Debt to income ratio =( Total debts / Net Income )100 =(664238)100=35.84% Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works part-time in a shoe store, earning a gross income of $870 per month. Her employer deducts $206 for taxes from her monthly pay. Kim also pays $133 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional \$105 per month. Help Kim make her decision by calculating her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) Note: Enter your answers as a percent rounded to 2 decimal places. Without Chiropractic loan, Total debt = Credit card loan =$133 Debt to income ratio =( Total debts / Net Income )100 =(664133)100=20.03% With Chiropractic loan, Total debt = credit card loan + chiropractic loan =133+105=$238 Debt to income ratio =( Total debts / Net Income )100 =(664238)100=35.84%Step by Step Solution
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