Solve urgent i will rate Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now, Madeline is living at home and works in a shoe store, earning a gross income of $1,220 per month. Her employer deducts a total of $300 for taxes from her monthly pay. Madeline also pays $180 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $270 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Can she currently afford the school loan? multiple choice Yes No
Solve urgent i will rate Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now, Madeline is living at home and works in a shoe store, earning a gross income of $1,220 per month. Her employer deducts a total of $300 for taxes from her monthly pay. Madeline also pays $180 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $270 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Can she currently afford the school loan? multiple choice Yes No
Chapter7: Credit Cards And Consumer Loans
Section: Chapter Questions
Problem 1FPC
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Solve urgent i will rate
Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now, Madeline is living at home and works in a shoe store, earning a gross income of $1,220 per month. Her employer deducts a total of $300 for taxes from her monthly pay. Madeline also pays $180 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $270 per month.
Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.)
Can she currently afford the school loan?
multiple choice
Yes
No
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