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Clayton State University - BUSA 3101/20-10 Rules Practice Problems Worksheet. Q&A.

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Use the 20/10 Rule to calculate responsible credit usage (safe debt load): 1. If your monthly net income (money after taxes) is $1000. per month, then your annual net income would be $12,000. What is the total ...

Use the 20/10 Rule to calculate responsible credit usage (safe debt load): 1. If your monthly net income (money after taxes) is $1000. per month, then your annual net income would be $12,000. What is the total amount of debt that you can safely carry? 2. If you bring home $1000. per month, what is the amount of the payment that you can safely make toward debt every month, excluding your mortgage? 3. Using the annual net income from #1 above, would going into debt to finance a cruise costing $2,500. be considered a safe debt load if you have no other debt? Why or why not? 4. Assuming your income is $1000. a month and you have a rent payment of $200 per month, would it be a responsible use of credit to purchase a New High Definition TV with monthly payments of $90? Why or why not? 5. Assuming your annual income is $36,000. and you have college loan payments of $120. a month, car payments of $100 a month and a house mortgage of $900. a month, would it be a responsible use of credit to borrow $4800. for a new boat? Why or why not? 6. Janice has a monthly net income of $1400. Her rent payment is $445. per month and she has a student loan payment of $120. per month. She wants to buy a system for her car using her credit card. What is the highest payment for the sound system that Janice can safely afford? 7. Evan and Carmen are married and have a combined monthly income of $3500. They have a monthly rent payment of $700. They owe $7500 for their students loans and $1000 for a television that they bought with their credit card last year. Are they within their safe debt load limit? Why or why not? 8.Nathan has a monthly income of $3000. His mortgage payment is $700. per month. He pays $50 per month for car insurance and his car payment is $200. Is Nathan in his safe debt load limit? Why or why not?

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