Question

The total debt that frances carries is $2,355 and she has a total credit limit of $5,000; her partner jeremy has a total debt
of $3,465 and his total credit limit is $8,000.
find frances' debt-to-credit ratio. express this ratio as a decimal. round to the nearest thousandth.
then find jeremy's debt-to-credit ratio. express this ratio as a decimal. round to the nearest thousandth.
who has the higher debt-to-credit ratio? (frances or jeremy)

Answer 1

Jeremy's debt-to-credit ratio is 0.471.

What is debt-to-credit ratio?

debt-to-income ratio is the percentage of a consumer's monthly gross income that goes toward paying debts.

Here, Based on the given conditions,

formulate = Total debt / total credit limit

                 = 2355 / 5000

                = 471/1000

Cross out the common factor: 471/1000

Round 471/1000 to the required place:: 0.471

Thus, Jeremy's debt-to-credit ratio is 0.471.

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