1. Suppose you borrow $350 for one year and pay a finance charge of $23. If you repay this loan all at once after one year, what is your average balance?

2. Timothy Carter has net monthly income of $4,100. He has a monthly auto loan payment of $425, a student loan payment of $195, a mortgage payment of $1,300, and a credit card minimum payment of $60. What is his debt-payments-to-income ratio?(Round your answer to 1 decimal)

Answer rating: 100% (QA)

To calculate the average balance we need to consider the initial loan amount and the finance charge ... View the full answer