On June 1st, Jared has a 1,500 beginning balance on his credit ...

[naturalchemist]

On June 1st, Jared has a 1,500 beginning balance on his credit card. He decides to stop making charges on his card and work towards paying it off. His credit card has an APR of 18. Monthly periodic finance charges are calculated using the previous balance method. If Jared makes monthly payments of 150, how much will he owe in 6 months? How much will he have paid in periodic finance charges?

Question 2

Blake earns 3,200 each month. He pays 600 per month for housing, 300 per month for a car loan, and 150 per month in other debt payments. Find Blake's debt-to-income ratio to the nearest tenth of a percent.

[Tonny]

Answer to Question 1

705.75, 105.75

Answer to Question 2

32.8

[naturalchemist]

Thanks for the timely response, appreciate it

[scottmt]

Gracias!