Question

I'm working on a project that says "a common bit of financial wisdom is that a car payment should be no more than 20% of your monthly take-home pay. Set up and solve an equation to determine how much you would need to be making in take-home pay each year to afford this car and still follow that bit of financial advice."
My car payment is $482.71 for 60 months.

Thank you

Answer 1

so, your monthly take-home pay x, should satisfy
482.71 <= 0.20 x
so your yearly take-home should be at least 12x