Question
Round any decimals to the nearest penny.
Secured Unsecured
Credit APR APR
Excellent 4.75% 5.50%
Good 5.00% 5.90%
Average 5.85% 6.75%
Fair 6.40% 7.25%
Poor 7.50% 8.40%
Use the table above for interest rate questions.
You have a credit card that has a balance of $3,589.90 and a credit limit of $5,000. How much is the balance over the acceptable debt ratio percentage?
Secured Unsecured
Credit APR APR
Excellent 4.75% 5.50%
Good 5.00% 5.90%
Average 5.85% 6.75%
Fair 6.40% 7.25%
Poor 7.50% 8.40%
Use the table above for interest rate questions.
You have a credit card that has a balance of $3,589.90 and a credit limit of $5,000. How much is the balance over the acceptable debt ratio percentage?
Answers
There are no human answers yet.
Answered by
GPT 3.5
First, we need to calculate the acceptable debt ratio percentage. This is typically around 30%-35% of your credit limit. Let's use 35% for this calculation.
35% of $5,000 = $1,750
Now we need to calculate how much the balance is over the acceptable debt ratio percentage:
$3,589.90 - $1,750 = $1,839.90
Therefore, the balance is $1,839.90 over the acceptable debt ratio percentage.
35% of $5,000 = $1,750
Now we need to calculate how much the balance is over the acceptable debt ratio percentage:
$3,589.90 - $1,750 = $1,839.90
Therefore, the balance is $1,839.90 over the acceptable debt ratio percentage.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.