Question

Shaylee earns a bi-weekly mean gross pay of $2,655.00. What percent of her total salary will she pay if her student loan payments are $415.00 per month for 180 months? Round to the nearest tenth.

Answer 1

about 7.2%

Explanation:

You want the fraction of Shaylee's gross salary that goes to repay student loans if her biweekly pay is $2655 and her monthly payment is $415.

Ratio

There are 26 biweekly pay periods and 12 months in a year. Over a year's time, the ratio of loan payments to salary is ...

`\frac{\text{payments}}{\text{salary}}=(12*415)/(26*2655)\approx0.07214\approx\boxed{7.2\%}`

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Additional comment

Over the 15-year life of the loan payments, that is equivalent to about 1 year's salary. We hope Shaylee gets some raises during that period.

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