A person has debt obligations that include a car loan payment of [tex]$750 and a mortgage payment of $[/tex]980 every month. Is she in danger of credit overload?

A. Yes, because [tex]$750 is less than $[/tex]1040.
B. No, because the sum of [tex]$750 and $[/tex]980 is greater than [tex]$1040.
C. No, because $[/tex]750 is less than [tex]$1040.
D. Yes, because the sum of $[/tex]750 and [tex]$980 is greater than $[/tex]1040.

Question

31-07-2024
Business

Answered

A person has debt obligations that include a car loan payment of [tex]$750 and a mortgage payment of $[/tex]980 every month. Is she in danger of credit overload?

A. Yes, because [tex]$750 is less than $[/tex]1040.
B. No, because the sum of [tex]$750 and $[/tex]980 is greater than [tex]$1040.
C. No, because $[/tex]750 is less than [tex]$1040.
D. Yes, because the sum of $[/tex]750 and [tex]$980 is greater than $[/tex]1040.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-31T15:52:22-04:00

To determine if someone is in danger of credit overload, we need to consider their total monthly debt obligations and compare them to a given threshold. In this scenario, the individual's monthly debt obligations include a car loan payment and a mortgage payment.

Here's the step-by-step solution:

1. Identify the monthly payments:
- Car loan payment: [tex]$750 - Mortgage payment: $[/tex]980

2. Calculate the total monthly debt obligations:
- Total monthly debt = Car loan payment + Mortgage payment
- Total monthly debt = [tex]$750 + $[/tex]980
- Total monthly debt = [tex]$1730 3. Compare the total monthly debt with the threshold: - The threshold is $[/tex]1040.
- We need to check if the total monthly debt ([tex]$1730) is greater than the threshold ($[/tex]1040).

4. Conclusion:
- Since [tex]$1730 (total monthly debt) is greater than $[/tex]1040 (threshold), the individual is in danger of credit overload.

Given this explanation, the correct answer is:

D. Yes, because the sum of [tex]$750 and $[/tex]980 is greater than $1040.