Question

1. What is your current debt ratio as a percentage to the nearest hundredth? 2. Which balance accrues the most interest in a month?

Answer 1

The current debt ratio here is 45.70%. If you add up all the debts you have 3655.65 which is 45.70% of the total of 8000.

The card that accrues the most interest is the second one, "Cred". To find those amounts multiply the rate by the balance and divide by 12.

Answer 2

The current debt ratio is 45.70%.

The card that accrues the most interest in a month is 'cred'.

what is the ratio?

Ratio is a term in mathematics is used to "compare two or more numbers".

According to the question,

The sum of all debts(balance) = 453.90 + 2,249.80 + 946.95

                                                  =$ 3,655.65

The total credit limit = 1,500 + 2,500 + 4000

                                   = $ 8,000

In order to find the current debit Ratio divide sum of all the debts by the total credit limit.

= $\frac{3655.65}{8000}$ × 100 = 45.70%.

To find which balance accrues the most interest in a month multiply balance with interest rate.

For 'Marked up' credit card

(9.65)(453.90)  = $ 4,380.14

For 'Cred' credit card

(8.8)(2,249.80) = $ 19,798.24

For 'Bankline' credit card

(14.9)(946.95) = $ 13,257.3

Hence, the card that accrues the most interest in a month is 'cred'.

To learn more about Ratio here

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