A family has annual loan payments equaling 58.6% of their annual income. During the year, their loan payments total $13,077.75. What is their annual income?
If there's a formula for these type of questions please tell me!! Thank you!
If there's a formula for these type of questions please tell me!! Thank you!
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Let x be their annual income. Then
.586(x) = 13077.75
and
x = 13077.75 / .586 = $22316.98
.586(x) = 13077.75
and
x = 13077.75 / .586 = $22316.98