Answer:
c. Susan's debt-to-income ratio decreased by about 15%
Step-by-step explanation:
Susan's previous salary = $52,000
Susan's new salary = $68,000
Susan's mortgage = $1,500
The total of three minimum credit card payment = $350
Her lease payment = $280
Her student loan payment = $250
Her personal loan payment = $325
Therefore, her total debt = $1,500 + $350 + $280 + $250 + $325 = $2,705
Her new Debt to loan ratio = (Her total deb)/(Her total new income) = 2705/68000 = 3.9779 %
Her previous to loan ratio = (Her total deb)/(Her total previous income) = 2705/52000 = 5.2%
The percentage change in her debt to income ratio = (5.202 - 3.9779)/5.202 ≈ 23% decrease
Therefore, the best option is Susan's debt-to-income ratio decreased by about 15%.
