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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]4 years ago
7 0
 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}
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