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 t

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?

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Khoii Minh 1 year 2021-07-31T11:22:22+00:00 1 Answers 5 views 0

Answers ( )

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    2021-07-31T11:24:21+00:00

    Answer:

    T=52.5 \approx 53 months

    Step-by-step 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=\frac{Payment}{rate\ of\ payment }

     T=\frac{x}{\frac{x}{t}}

     T=x*\frac{t}{x}

    Therefore time taken

     T=\frac{21000}{400}

     T=52.5 \approx 53 months

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