Question

A family has annual loan payments equaling 58.6% of their annual income. During the year their loan payments total $13,077.75 what is their annual income

Answer 1

annual income = $22316.98

Explanation:

given data

annual loan payments = 58.6 % of annual income

total loan payments = $13,077.75

to find out

annual income

solution

we have given equation that

58.6% of annual income = loan payments

we consider here annual income = x

then equation will be

58.6 % of x = $13,077.75

0.586 x = 13,077.75

x = $22316.98

so annual income = $22316.98