Concept explainers
a
To find: The debt-to-income ratio taking in account all monthly expenses.
a
Answer to Problem 16PPS
Debt-to-income ratio
Explanation of Solution
Given Information:
A table is given showing the expenses and salary of Cameron.
From table, total monthly expenses
Salary
Calculation:
Debt-to-income ratio
Thus, Debt-to-income ratio
b.
To find: Whether Cameron will get approved for a loan.
b.
Answer to Problem 16PPS
Cameron will get approved for a loan.
Explanation of Solution
Given Information:
A table is given showing the expenses and salary of Cameron.
From table, total monthly expenses
Salary
Calculation:
Debt-to-income ratio
Since debt-to-income ratio of Cameron is less than
C
To find: The maximum car payment that Cameron can afford.
C
Answer to Problem 16PPS
Cameron can afford the maximum car payment of
Explanation of Solution
Given Information:
A table is given showing the expenses and salary of Cameron.
From table, total monthly expenses
Salary
Ideal ratio to find the maximum monthly payment
Calculation:
According to the given condition,
So, Cameron can afford the maximum car payment of
Chapter 1 Solutions
Algebra 1, Homework Practice Workbook (MERRILL ALGEBRA 1)
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