Question: Please complete below worksheet on top is the worksheet. Below is the directions # 4 MONTHLY CONSUMER LOAN PAYMENTS & DEBT SAFETY RATIO Name Dated

Please complete below worksheet on top is the worksheet. Below is the directions

# 4 MONTHLY CONSUMER LOAN PAYMENTS & DEBT SAFETY RATIO Name Dated November 13, 2021 Current Monthly (or Min.) Type of Loan* Lender Payment . Auto and Personal loans . Education loans . Overdraft Protection Line . Personal line of credit . Credit Cards . Home Equity Line TOTAL MONTHLY PAYMENTS S "Note: List only those loans that require regular monthly payments Monthly Take-Home Pay 1. 2. TOTAL MONTHLY TAKE HOME PAY $ Debt Safety Ratio: Total monthly payments x 100 - - x100 = D.0 Total monthly take-home pay Changes needed to reach a new debt safety ratio 1. New (Target) debt safety ratio: 12.5 % 2. At current take-home pay of total monthly payments must equal Total monthly take-home pay x Target debt safety ratio** 0.125 = $ OR New Monthly Payments 3. With current monthly payments of total take-home pay must equal: Total monthly payments * 100 New (target) debt safety ratio 0.125 5x100 = S New take-home pay .*Note: Enter debt safety ratio as a decimal (e.g., 15%=0.15). Debt / Credit Project 11/13/21, 8:47 PM Chapter 6 worksheet-1.xIsx (https://uu.instructure.com/courses/8197/files/667314/download? wrap=1)_ _ (https://uu.instructure.com/courses/8197/files/667314/download?download_frd=1) Evaluate the Debt Safety Ratio using worksheet 6.1: By listing Chloe's outstanding debts, and then calculate her debt safety Given her current take-home pay, what is the maximum amount of monthly debt payments that Chloe can have if she wants her debt safety ratio to be 12.5 percent? Given her current monthly debt payment load, what would Chloe's take- home pay have to be if she wanted a 12.5 percent debt safety ratio? Chloe Young is evaluating her debt safety ratio. Her monthly take- home pay is $3,320. Each month, she pays $380 for an auto loan, $120 on a personal line of credit, $60 on a department store charge card, and $85 on her bank credit card

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