Question

A realtor found a home for a couple that will require a monthly loan payment of ​$1500. If the lender insists that the​ buyer's monthly payment not exceed ​40% of the​ buyer's monthly​ income, find the minimum monthly income required by the lender. Simplify your answer.

Answer 1

The answer is $3750

Explanation:

1500/x = 40/100

(100) × 1500 = 40x

150000 = 40x

x = 150000 ÷ 40

x = 3750

Thus, The minimum monthly income required by the lender is $3750.

-TheUnknownScientist 72