Respuesta :
Manny could spend less on food and clothes and put the money towards his credit card payment, as she is spending $368 on foods and clothing.
What is debt?
It is defined as the amount one party needs to pay to another party as the first party borrowed an amount which will credited by the second party. Debt occurs when one party cannot be able to purchase something under normal circumstances.
As we can see, the Manny is spending amount of $368 and the other expenses are not flexible means to all other expenses are fixed expenses.
According to the data, Manny should spend less on food and clothes and put the money towards his credit card payment.
We know the expression for the monthly payment is given by:
[tex]\rm M = P \frac{r}{(1-(1+r)^{-nt})}[/tex]
Where P is the principal amount
r is the interest rate.
M is the monthly payment
t is the time
n is the number of times the amount compounded.
Thus, Manny could spend less on food and clothes and put the money towards his credit card payment, as she is spending $368 on foods and clothing.
Learn more about the debt here:
https://brainly.com/question/17286021
