Answered

Explore a diverse range of topics and get expert answers on IDNLearn.com. Our platform is designed to provide quick and accurate answers to any questions you may have.

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?

Sagot :

Okpalawalter8idn

Answer:

[tex]T=52.5 \approx 53 months[/tex]

Step-by-step explanation:

From the question we are told that:

Annual income [tex]I=65000[/tex]

Annual tax  [tex]T=65000-58000[/tex]

                   [tex]T=7000[/tex]

Student loan [tex]X=21000[/tex]

Payment budget [tex]Y=400[/tex]

Generally the Time taken to pay off is mathematically given by

 [tex]T=\frac{Payment}{rate\ of\ payment }[/tex]

 [tex]T=\frac{x}{\frac{x}{t}}[/tex]

 [tex]T=x*\frac{t}{x}[/tex]

Therefore time taken

 [tex]T=\frac{21000}{400}[/tex]

 [tex]T=52.5 \approx 53 months[/tex]

We are delighted to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Discover insightful answers at IDNLearn.com. We appreciate your visit and look forward to assisting you again.