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A family has annual loan payments equal to 30% of their annual income. During the year, their loan payments total $15,680. What is the family's annual income? (Round your answer to the nearest cent.)

Sagot :

wazzupdrewfus
 First, set up a ratio: [tex] \frac{30}{100} = \frac{15,680}{x} [/tex]
The first fraction is the percentage (30% and [tex] \frac{30}{100} [/tex] are the same thing) and the second is the loan payment (which is equal to the 30 in the first fraction) over their annual income ([tex]x[/tex]).
 First you divide $15,680 by 30, then multiply that quantity by 100. The value calculated then replaces [tex]x[/tex] in your second fraction: [tex] \frac{30}{100} = \frac{15,680}{52,266.67} [/tex]
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