Mathematics High School

Ozzie has a Visa with a $2000 limit and a balance of $450; a store credit card with a $500 limit and a $200 balance; and a joint card with his mom with a $5000 limit and a $700 balance.

What’s Ozzie’s credit utilization on:
a. His Visa?

b. His store credit card?

c. The joint card with his mom?



What’s Ozzie’s overall credit utilization?


Ozzie works extra hours one week and receives an extra $75 in his paycheck. Which debt should he put that money toward? Why?

Answers

Answer 1

The values of the credit utilization are

Visa = 22.5%Store credit = 40%With his mum = 14%Overall = 13.5%

He should pay highest interest debt first

How to determine Ozzie’s credit utilization?

a. His Visa?

Here, we are given that

$2000 limit and a balance of $450

So, we have

Ozzie's credit utilization on his Visa is

Utilization = (450/2000) * 100 = 22.5%

b. His store credit card?

Here, we are given that

$500 limit and a $200 balance

So, we have

Ozzie's credit utilization on his store credit card is

Utilization = (200/500) * 100 = 40%

c. The joint card with his mom?

Using the same formula, we have

Ozzie's credit utilization on the joint card with his mom is (700/5000) * 100 = 14%

Overall credit utilization

This is calculated as:

Ozzie's overall credit utilization is the sum of his balances divided by the sum of his credit limits

So, we have

Utilization = (450 + 200 + 700) / (2000 + 500 + 5000) = 13.5%.

Which debt should he put that money toward? Why?

The debt with the highest interest rate first. This is because high-interest debt will cost more in the long run, so paying it off sooner will save money on interest charges.

Read more about credit utilization at

https://brainly.com/question/8958796

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Related Questions

Ngela practice the piano for 2 1/2 hour on friday 2 1/3 hour on aturday and unday 3 2/3 hour how long angela practice the piano over the weekend

Answers

Angela practiced piano during the weekend for 6 hours.

According to the question,

Amount Angela spent on Saturday  = [tex]2\frac{1}{3}[/tex]

Amount Angela spent on Sunday = [tex]3\frac{2}{3}[/tex]

To find out the total amount spent on both days of the weekend =

The amount that Angela spent on Saturday + the amount that Angela spent on Sunday

= [tex]2\frac{1}{3}[/tex] (otherwise expressed as 7/3) + [tex]3\frac{2}{3}[/tex] (otherwise expressed as 11/3)

[tex]= \frac{7}{3} + \frac{11}{3}[/tex]

[tex]= \frac{7 + 11}{3}[/tex]   ( using addition)

= [tex]\frac{18}{3}[/tex] = 6 hours

Noted, Friday’s value was not added because it didn’t fall on the weekend.

The denominators of both fractions are the alike (3), thereby it was used to factor out the numerators (7) and (11), and subsequently arrive at the final answer which is 6 hours.

So, Angela practiced for 6 hours.

Read more about fractions:

https://brainly.com/question/78672

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In 2010, the population of a city was 93,000. From 2010 to 2015, the population grew by 8%. From 2015 to 2020, it fell by 4%. How much did the population grow from 2010 to 2015, to the nearest 100 people?

Answers

Answer:

I think its 8

Step-by-step explanation:

Because from 2010 to 2015 population grew by 8•/• that mean 8 people per 100

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