Louise McIntyre's monthly gross income is $3,500. Her employer withholds $820 in federal, state, and local income taxes and $370 in Social Security taxes per month. Louise contributes $220 each month for her IRA. Her monthly credit payments for VISA and MasterCard are $125 and $120, respectively. Her monthly payment on an automobile loan is $315.
a. What is Louise's debt payments-to-income ratio? (Enter your answer as a percent rounded to 2 decimal places.)
b. Is Louise living within her means?
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