The utilization rate of Sam that carrying a balance on his credit card of $500, that having a limit of $1,500, is 33%.
What is credit card?
Credit card is a plastic card that is used for withdrawing the excess amount from the bank account. This card is generally issued by the banks to their customers.
Sam's credit card use rate is 33 percent because he has a $500 load on his card with a $1,500 limit.
Therefore, the utilization rate is 33%.
Learn more about the credit card, refer to:
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