A family has annual loan payments equal to 30% of their annual income. During the year, their loan payments total $15,680. What

Question

lesya692 [45]

4 years ago

10

A family has annual loan payments equal to 30% of their annual income. During the year, their loan payments total $15,680. What

is the family's annual income? (Round your answer to the nearest cent.)

Mathematics

1 answer:

soldier1979 [14.2K] · Answer 1 · 2022-01-30T23:19:15+03:00

First, set up a ratio: $\frac{30}{100} = \frac{15,680}{x}$
The first fraction is the percentage (30% and $\frac{30}{100}$ are the same thing) and the second is the loan payment (which is equal to the 30 in the first fraction) over their annual income ( $x$ ).
First you divide $15,680 by 30, then multiply that quantity by 100. The value calculated then replaces $x$ in your second fraction: $\frac{30}{100} = \frac{15,680}{52,266.67}$