To calculate how much you must pay at the end of the month to get your balance to the acceptable debt ratio percentage using a credit card with a good credit rating, we first need to identify the APR applicable for a good credit rating for both secured and unsecured credit. Based on the table you provided:
- Secured Credit APR: 5.00%
- Unsecured Credit APR: 5.90%
Next, I need to determine the acceptable debt ratio percentage. Since this information is not present in your question, the general guideline usually suggests that debt-to-income ratios should be around 30% for an acceptable ratio. However, please provide the specific acceptable debt ratio or additional details if you have it.
Once we know the ratio, we can compute the monthly payment required to maintain that ratio based on the total balance.
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Identify the balance of the credit card, if available.
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Calculate the desired debt level based on the acceptable ratio: \[ \text{Desired Debt Level} = \text{Total Income} \times \text{Debt Ratio} \]
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Determine the monthly interest payment (not typically the total payment): \[ \text{Interest Payment} = \frac{\text{Balance} \times \text{APR}}{12} \]
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Account for any changes or specify how much of the balance is to be retained and subtract that amount from the total balance to solve for what must be paid at the end of the month.
Please provide the balance, total income, or any other relevant details to further assist you.