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Adele Is Looking to Get a Bank Loan for Some

Question 3

Multiple Choice

Adele is looking to get a bank loan for some new appliances. Her net monthly income is $2,000, and she has the following monthly expenses: $500 rent, $100 car payment, $100 student loan payment, $50 car insurance payment, $100 credit card payment, $400 food, $50 gasoline, $100 phone service, $100 Internet service, and $500 retirement fund contribution. Adele's fixed payments as a percentage of her net monthly income are


A) 42.5%.
B) 62.5%.
C) 65.0%.
D) 75.0%.

Correct Answer:

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