Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

barrelracer23

Can someone help me with this problem please?!!!!! You have four credit cards. Each has a balance of $450.00, but their credit limits are $800.00, $1,200.00, $1,300.00, and $1,500.00. Paying off and closing which card would decrease your debt ratio? (1 point)

  • one year ago
  • one year ago

  • This Question is Closed
  1. barrelracer23
    Best Response
    You've already chosen the best response.
    Medals 0

    @amistre64 can you help me with this problem please? I dont want the answer, just need help with it.

    • one year ago
  2. amistre64
    Best Response
    You've already chosen the best response.
    Medals 1

    what defines a debt ratio? if memory serves it is balance/debt but i might have that upside down

    • one year ago
  3. amistre64
    Best Response
    You've already chosen the best response.
    Medals 1

    debt/limit

    • one year ago
  4. amistre64
    Best Response
    You've already chosen the best response.
    Medals 1

    is a rule of thumb, the bigger the bottom number, the lower the value; so you want the card with the smallest balance to get the biggest debt ratio owed

    • one year ago
  5. barrelracer23
    Best Response
    You've already chosen the best response.
    Medals 0

    yeah its debt/limit

    • one year ago
  6. barrelracer23
    Best Response
    You've already chosen the best response.
    Medals 0

    So would I want to pay off the card with the largest amount first?

    • one year ago
  7. amistre64
    Best Response
    You've already chosen the best response.
    Medals 1

    "Paying off and closing which card would decrease your debt ratio?" Paying off any of them would decrease your debt ratio. Paying off which one would decrease it the most? the card with the highest debt ratio of course

    • one year ago
  8. barrelracer23
    Best Response
    You've already chosen the best response.
    Medals 0

    Ahhhh... I see, if I just pay it off and dont close it ill still have the same debt ratio right?

    • one year ago
  9. amistre64
    Best Response
    You've already chosen the best response.
    Medals 1

    sounds good to me :)

    • one year ago
  10. barrelracer23
    Best Response
    You've already chosen the best response.
    Medals 0

    Thank you!!:)

    • one year ago
  11. amistre64
    Best Response
    You've already chosen the best response.
    Medals 1

    yep, good luck ;)

    • one year ago
  12. barrelracer23
    Best Response
    You've already chosen the best response.
    Medals 0

    it was the smallest

    • one year ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.