Question

1. John's monthly net income is $1,460. His fixed monthly expenses consist of a rent payment of $550 and a student loan payment of $116 per month. John would like to buy a new car. What is the largest monthly payment John can afford for the car so that his car payments and student loan keep him within a safe debt load of 10%?
2.Paul and Xavier have a combined net income of $3,680. Their fixed monthly expenses consist of $700 for rent. They also have an outstanding loan balance of $6,000 for a consolidation loan and a balance of $1,000 for the television they bought last month. How much more debt can they take on and still be within a safe debt load?


3. Alaska has a monthly net income of $2,200. Her fixed monthly expenses consist of $500 for rent, a car insurance premium of $96, and a car payment of $212. Are these payments within Alaska's safe debt load?

Answer 1

Answer:

Step-by-step explanation:

John's monthly net income is $1,460. His fixed monthly expenses consist of a rent payment of $550 and a student loan payment of $116 per month. John

would ...One of the most common ways to consolidate debt is to take out a debt consolidation loan — a personal loan used to pay off multiple creditors.

Alaska has a monthly net income of $2,200. Her fixed monthly expenses consist of $500 for rent, a car insurance premium of $96, and a car payment of $212.