Question

A family has loan payments equal to 27% of their annual income. During the year, their loan payments total $16,680. What is the family’s annual income?

Answer 1

$617333.33

Explanation:

Let Loan payment be x and Annual income :y

0.27 y = x

x = 16680

0.27 y = 166680

y = 166680/0.27 = 617333.333