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