Paula budgets 23% of her annual income for housing. If she budgets
$410 per month for housing, what is her annual income?
410*12 = .23x
solve for x
To find Paula's annual income, we can use the information that she budgets 23% of her annual income for housing and she budgets $410 per month for housing.
Step 1: Calculate the annual housing budget
Since Paula budgets $410 per month for housing, her annual housing budget would be $410 multiplied by 12 (months in a year):
Annual housing budget = $410 * 12 = $4,920
Step 2: Calculate the annual income
To find the annual income, we need to divide the annual housing budget by the percentage of income that Paula budgets for housing. In this case, that percentage is 23%.
Annual income = Annual housing budget / Housing budget percentage
Annual income = $4,920 / 0.23
Calculating this:
Annual income ≈ $21,391.30
Therefore, Paula's annual income is approximately $21,391.30.