To calculate the current debt ratio, you need to divide the total balance by the total credit limit and then multiply by 100 to get the percentage.
Total balance: $458.90 + $2,249.80 + $946.95 = $3,655.65
Total credit limit: $1,500.00 + $2,500.00 + $4,000.00 = $8,000.00
Debt ratio = ($3,655.65 / $8,000.00) * 100
Debt ratio = 0.45695625 * 100
Debt ratio = 45.70%
Therefore, the current debt ratio is 45.70%.
Credit Card Interest Rate (APR) Balance Credit Limit MarkedUp 9.65% $458.90 $1,500.00 Cred 8.8% $2,249.80 $2,500.00 BankLine 14.9% $946.95 $4,000.00 Question (1 point) Use the table to answer question. What is your current debt ratio as a percentage to the nearest hundredth?
1 answer