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)

Question

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)

$30,000$30,000$250,000$250,000$20,000$20,000$13,333

Answer 1

Let's assume the yearly salary is x.

We know that 8% of x should be equal to 12% of $20,000.

So, (8/100)x = (12/100)($20,000).

Simplifying this equation, we get (8/100)x = (12/100)($20,000).

We can further simplify this equation as:

(2/25)x = (3/25)($20,000).

Now we can isolate x:

x = (3/2)($20,000).

Calculating the right side of the equation, we get:

x = $30,000.

Therefore, the answer is $30,000.