A family has annual loan payments equal to 31% of their annual income. During the year, their loan payments total $15,680. What is the family's annual income?

Question

the amount of the answer must be rounded to the nearest cent

Answer 1

Say, the annual income =x $

 

(31/100)*x=15680

 

x=15680*100/31

  =50580.65 $

 

Annual Income =  50580.65. $

Answer 2

Danielle, when we see the word "of" in a word problem, it usually means multiplication.  This means that we are multiplying their annual income by 31% (.31) and the result is $15,680.  Can you set up and solve an equation from this?