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)

Answer 1

Let's assume the annual salary needed is x.
Given that 8% of the salary will repay 12% of the $20,000 student loan:
0.08x = 0.12(20,000)
0.08x = 2,400
Dividing both sides by 0.08, we get:
x = 2,400/0.08
x = $30,000
Therefore, the annual salary needed to repay 12% of the $20,000 student loan is $30,000.