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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
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2 Answers

Say, the annual income =x $
  =50580.65 $
Annual Income =  50580.65. $
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?