Question

2. Jessica's financial advisor believes that she should spend no more than 28% of her gross monthly income for housing. She has determined that amount is $1,600 per month. Based on this amount and her advisor's recommendation, what is Jessica's annual salary?​

Answer 1

Jessica's annual salary is $68571.43.

Data;

• percentage saved for housing = 28%
• amount saved annually = $1600

Percentage

This is the ratio of a number to the entire value and multiplied by 100

The percentage set aside for housing is given as 28% which is $1600.

Let find 28% of x which is equal to 1600

$\frac{28}{100} = \frac{1600}{x}$

cross multiply both sides and solve for x

$\frac{28}{100} = \frac{1600}{x}\\ 28*x = 100*1600\\28x = 160000$

Divide both sides by the coefficient of x

$\frac{28x}{28} = \frac{160000}{28}\\ x = 5714.28$

Her monthly income is $5714.28.

Let's multiply this by 12 (months in a year) to determine her gross monthly income.

$5714.28*12 = 68571.43$

From the above calculations, Jessica's annual salary is $68571.43.

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