Question

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?

Answer 1

`T=52.5 \approx 53 months`

Explanation:

From the question we are told that:

Annual income
`I=65000`

Annual tax
`T=65000-58000`

`T=7000`

Student loan
`X=21000`

Payment budget
`Y=400`

Generally the Time taken to pay off is mathematically given by

`T=(Payment)/(rate\ of\ payment )`

`T=(x)/((x)/(t))`

`T=x*(t)/(x)`

Therefore time taken

`T=(21000)/(400)`

`T=52.5 \approx 53 months`