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The orange student got a job working as a financial analyst and makes (on average) 65,000 a year in California and takes home 58,000 after taxes. He owes 21,000 in student loans. He budgets 400 dollars a month to pay off his student loans. How Long will it take him to pay off your student loans?

Sagot :

okpalawalter8

Answer:

[tex]T=52.5 \approx 53 months[/tex]

Step-by-step explanation:

From the question we are told that:

Annual income [tex]I=65000[/tex]

Annual tax  [tex]T=65000-58000[/tex]

                   [tex]T=7000[/tex]

Student loan [tex]X=21000[/tex]

Payment budget [tex]Y=400[/tex]

Generally the Time taken to pay off is mathematically given by

 [tex]T=\frac{Payment}{rate\ of\ payment }[/tex]

 [tex]T=\frac{x}{\frac{x}{t}}[/tex]

 [tex]T=x*\frac{t}{x}[/tex]

Therefore time taken

 [tex]T=\frac{21000}{400}[/tex]

 [tex]T=52.5 \approx 53 months[/tex]

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