What yearly salary do you need to make so that 8% of your salary will repay 12% of a $20,000 student loan each year? (Assume that $20,000 is the current amount when payment begins and this same amount will be paid each year, regardless of the new total of the loan.)(1 point)
Let's assume the annual salary needed is x.
Given that 8% of the salary will repay 12% of the $20,000 student loan:
0.08x = 0.12(20,000)
0.08x = 2,400
Dividing both sides by 0.08, we get:
x = 2,400/0.08
x = $30,000
Therefore, the annual salary needed to repay 12% of the $20,000 student loan is $30,000.