Question

(02.03 mo) jakobe earns a bi - weekly mean gross pay of $1,765.00. what percent of his total salary will he pay if his student loan payments are $145.00 per month for 120 months? round to the nearest tenth. 3.6% 3.7% 3.8% 3.9%

Explanation:

Step1: Calculate total loan payment

Total loan payment = Monthly payment × Number of months
Total loan payment = \(145\times120 = 17400\)

Step2: Calculate total salary

Bi - weekly pay is \(1765\). There are \(26\) bi - weeks in a year.
Total salary in \(120\) months (\(10\) years) = \(1765\times26\times10=458900\)

Step3: Calculate the percentage

Percentage = \(\frac{\text{Total loan payment}}{\text{Total salary}}\times100\)
Percentage = \(\frac{17400}{458900}\times100\approx3.8\)

Answer:

3.8%