Andy's yearly income is $40,000. What would Andy's debt load be on a $15,000 personal loan? Would Andy's debt loadfollow the guidelines of the 20/10 rule? Provide a reason for Your answer.

Adhering to the 20/10 rule can be a sensible approach to prevent excessive debt and maintain…

Answered: Andy's yearly income is $40,000. What…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter6: Building And Maintaining Good Credit

Section6.2: Three Ways To Set Your Own Debt Limit

Problem 2CC

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Andy's yearly income is $40,000. What would Andy's debt load be on a $15,000 personal loan? Would Andy's debt load follow the guidelines of the 20/10 rule? Provide a reason for your answer.