Let's assume the yearly salary is x.
We know that 8% of x should be equal to 12% of $20,000.
So, (8/100)x = (12/100)($20,000).
Simplifying this equation, we get (8/100)x = (12/100)($20,000).
We can further simplify this equation as:
(2/25)x = (3/25)($20,000).
Now we can isolate x:
x = (3/2)($20,000).
Calculating the right side of the equation, we get:
x = $30,000.
Therefore, the answer is $30,000.
What yearly salary do you need to make so that 8% of your salary will repay 12% of a $20,000 student loan each year? (Assume that $20,000 is the current amount when payment begins and this same amount will be paid each year, regardless of the new total of the loan.)(1 point)
$30,000$30,000$250,000$250,000$20,000$20,000$13,333
1 answer