Question

Challenging. Jose wins big on a scratch-off ticket. After paying 25% in taxes and paying off his car loan of $23,000, he has $22,000 left. What was the grand prize of the scratch-off before taxes were applied and before Jose paid off his car loan?

Answer 1

Given data:

The percentage deducted in tax is d=25%.

The car loan is c= $23,000.

The final amount left is f=$22,000.

Assume the grand prize won in ticket is x.

`\begin{gathered} 0.75x-23,000=22,000 \\ 0.75x=45,000 \\ x=60,000 \end{gathered}`

The amount before paid to car loan is,

`\begin{gathered} y=0.75x \\ =0.75(60,000) \\ =45,000 \end{gathered}`

Thus, the original prize money is $60,000 and amount after paid yo the car loan is $45,000.