Question

a family has a monthly mortgage payment of $760, which is 16% of their monthly income. What is the family's monthly income

Answer 1

Let x be the monthly income of this family. Then 16% of x is $760, meaning that (16/100)x=760. From here we get x=76000/16=4750. So the monthly income of this family is 4750 and their annual income is 12*4750=57000.

Answer 2

The monthly income of the family is $ 4750.

Explanation:

Let x be the monthly income of the family,

16% of the monthly income = 16% of x

`=(16x)/(100)`

= 0.16x

According to the question,

0.16x = 760

Divide both sides by 0.16

x =
`(760)/(0.16)` = 4750

Hence, the monthly income of the family is $ 4750.