Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 4 madeline rollins is trying to decide whether she

4 Madeline Rollins is trying to decide whether she can afford a loan she needs...

70.2K

Verified Solution

Question

Finance

image

4 Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now, Madeline is living at home and works in a shoe store, earning a gross income of $1,200 per month. Her employer deducts a total of $290 for taxes from her monthly pay. Madeline also pays $175 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $260 per month. 5 points Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) eBook Print Debt Payments-to- Income Ratio References % With college loan Without college loan % Can she currently afford the school loan

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students