Question

Mark has opened two credit cards in the last year. Use the information on each credit card located in the table below to answer the question that follows.

Account Name Account Number Date Opened Balance Past Due Account Status Credit Limit
Plug-It-In Electronics Credit Card xxxx 2/9/11 $1,631.85 $0.00 PAYS AS AGREED $9,000
Handy Hardware Credit Card xxxx 12/15/10 $245.78 $0.00 PAYS AS AGREED $3,500
What is the debt-to-credit ratio of the Handy Hardware Credit Card? (3 points)

7.02%

15.02%

18.13%

Answer 1

The debt on the card is $245.78; the credit limit is $3500. The debt to credit ratio is ...

... $245.78/$3500 = 0.0702229 ≈ 7.02%

Answer 2

the answer on the credit scores and reports quiz is 7.02%