The answer is Yes Axel will qualify for chapter 7 bankruptcy.
Step-by-step explanation:
To qualify for a Chapter 7 bankruptcy, the debtor must earn less than the state median income on a monthly basis. Here it is given that Axel lives in Virginia and makes $54,000 a year. The median annual income in Virginia is $61,233. So, Axel is earning less than the median income. Hence, he will qualify for chapter 7 bankruptcy.
A method to solve it would be would be: First converting 5% to a decimal then multiplying that by 15.80 in order the find 5 percent of 15.80...Afterwards you have to add that value to the original 15.80 ..And you should end up with the same answer.
