Elizabeth Has a Monthly Net Income of $1,400

question 28

Essay

Elizabeth has a monthly net income of $1,400.She has a house payment of $600 per month,a car loan with payments of $300 per month,a Visa card with payments of $60 per month,and a credit card with a local department store with payments of $32 per month.What is Elizabeth's debt payment-to-income ratio? Is she within range of what experts suggest you spend on consumer credit payments?

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Definitions:

Hyaline

A type of smooth, translucent cartilage found at the ends of bones to reduce friction and absorb shock.

Cartilage

A flexible, connective tissue found in various parts of the body including joints, rib cage, and ear, providing support and shock absorption.

Larynx

The voice box located in the throat, responsible for voice production, breathing, and protecting the trachea against food aspiration.

True Vocal Cords

The vocal folds in the larynx, mainly involved in producing sound for speech.