agibboney0405
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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?
1)50 percent
2)32 percent
3)4.6 percent
4)22 percent

Respuesta :

haamcsaai

He spends $750, and makes $3000

3000/650=0.22

The answer is 22%

Answer: Option 'D' is correct.

Step-by-step explanation:

Since we have given that

Income per month = $3000

Credit card payment = $300

Loan amount on auto = $350

Total amount of debt is given by

[tex]\$300+\$350\\\\=\$650[/tex]

So, Ratio of debt to income would be

[tex]\dfrac{650}{3000}\times 100\\\\=\dfrac{650}{30}\\\\=21.6\\\\=22\%[/tex]

Hence, Option 'D' is correct.

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