Multiple Choice
Nancy's take-home income is $3,000 per month, and she currently has a $700 monthly consumer debt. Which of the following statements applies to Nancy's ability to handle additional debt?
A) Nancy cannot take on additional consumer debt because her debt safety ratio is higher than the lenders' guidelines.
B) Nancy can take on additional consumer debt because her debt safety ratio is higher than the lenders' guidelines.
C) Nancy cannot take on additional consumer debt because her debt safety ratio is lower than the lenders' guidelines.
D) Nancy can take on additional consumer debt because her debt safety ratio is lower than the experts' guidelines.
E) Nancy cannot take on additional consumer debt because her debt safety ratio is lower than the experts' guidelines.
Correct Answer:
Verified
Correct Answer:
Verified
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