Before she applies for a long-term bank loan, Shelly wants to figure out her debt-to-asset ratio. Shelly has two liabilities: a credit card balance of $5,600 and a car loan balance of $6,200. Shelly's car has a market value of $9,500. She also has a balance of $5,460 in her savings account and has stocks that are currently worth $2,340. What is Shelly's debt-to-asset ratio to the nearest percent?

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Lets calculate Shellys debttoasset ratio to assess her financial situation before applying for a lon... View the full answer