Timothy Carter Has Net Monthly Income of $3,800

question 11

Multiple Choice

Timothy Carter has net monthly income of $3,800. He has a monthly auto loan payment of $350, a student loan payment of $150, a mortgage payment of $1,200, and a credit card minimum payment of $45. What is his debt-payments-to-income ratio?

• A) 13.2%
• B) 14.3%
• C) 36.7%
• D) 42.0%
• E) 45.9%

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Definitions:

Social Inequality

The presence of imbalanced chances and benefits for varying social ranks or statuses amidst a community or society.

Occupations

The various types of jobs or professions individuals engage in, often as a means of earning a living and contributing to society.

Life Chances

The opportunities individuals have for achieving economic prosperity, based on their social status, education, and other factors.

Weber

Max Weber, a foundational figure in sociology known for his studies on bureaucracy, social stratification, and the sociology of religion.