Question

your credit card has a $11,500 limit and you have charged $5,600. what is your utilization rate? (round to the nearest whole number)

Explanation:

Step1: Recall utilization rate formula

The utilization rate is calculated as (Charged Amount / Credit Limit) * 100. So we use the formula $Utilization\ Rate=\frac{Charged\ Amount}{Credit\ Limit}\times100$.

Step2: Substitute the values

Here, Charged Amount = $5600 and Credit Limit = $11500. Substitute these values into the formula: $\frac{5600}{11500}\times100$.

Step3: Calculate the value

First, calculate $\frac{5600}{11500}\approx0.486957$. Then multiply by 100: $0.486957\times100 = 48.6957$.

Step4: Round to nearest whole number

Rounding 48.6957 to the nearest whole number gives 49.

Answer:

49