### Calculate chelsea debt payment-to-disposable income

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A Recent Graduate's Debt Status. Chelsea Menken recently graduated with a degree in food science and now works for a major consumer foods company earning \$20K per year with about \$36,000 in take-home pay. She rents an apartment for \$1040 per month. While in school, she accumulated about \$38,000 in student loan debt on which she pays \$385 per month. During her last fall semester in school, she had an internship in a city about 100 miles from her campus. She used her credit card for her extra expenses and has a current debt on the account of \$8000. She has been making the minimum payment on the account of about \$320. She has assets of \$14,000.

(a) Calculate Chelsea's debt payment-to-disposable income and debt-service-to-income ratios.

(b) Calculate Chelsea's debt-to-equity ratio.

(c) Comment on Chelsea's debt situation and her use of student loans and credit cards while in college.

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