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insens350 [35]
3 years ago
11

4. Suppose you have two credit cards. The first has a balance of $410 and a credit limit of $1,000. The second has a balance of

$510 and a credit limit of $1,000. What is your overall credit utilization?
36%
26%
16%
46%
56%
Business
2 answers:
guajiro [1.7K]3 years ago
6 0

Answer is 46%.

Following are the calculations

Both cards have credit limits of $1000

First car has a balance of $410

So 1st card utilization is 410/1000= 0.41*100= 41%

2nd card balance is $510

So 2nd card utilization is 510/1000= 0.51= 51%

So total utilization of cards is (41% + 51%) / 2 = 46%

ololo11 [35]3 years ago
5 0
I think the answer is 36% sorry if I'm wrong!

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