Do the Math $6-3$

A Recent Graduate's Debt Status

Chelsea Menken, of Providence, Rhode Island, recently graduated with a degree in food science and now works for a major consumer foods company earning $$70,000$ per year with

about $$58,800$ in take$-$home pay. She rents an apartment for $$1,200$ per month. While in school, she accumulated about $$39,000$ in student loan debt on which she pays $$385$ per

month. During her last fall semester in school, she had an internship in a city about $100$ miles from her campus. She used her credit card for her extra expenses and has a current

debt on the account of $$9,000.$ She has been making the minimum payments on the account of about $$240$ a month. She has assets of $$14,000.$

a$.$ Calculate Chelsea's debt payments$-$to$-$disposable income ratio. Round your answer to two decimal places.

$\%$

b$.$ Calculate Chelsea's debt$-$to$-$income ratio. Round your answer to two decimal places.

$\%$

c$.$ Comment on Chelsea's debt situation and her use of student loans and credit cards while in college.

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