Subjects personal finance

Mortgage Salary 869832

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1. a. Problem: Determine the monthly gross salary Quinn needs if she spends 28% of it on a mortgage payment of $982. Formula: Mortgage payment = 28% of monthly gross salary Let $S$ be the monthly gross salary. Then: $$0.28 \times S = 982$$ Solve for $S$: $$S = \frac{982}{0.28}$$ Calculate: $$S = 3507.14$$ So, Quinn needs to earn approximately $3507.14 per month. 1. b. Problem: Find the annual salary based on the monthly gross salary. Formula: Annual salary = 12 \times monthly salary Calculate: $$12 \times 3507.14 = 42085.68$$ So, Quinn's annual salary would be approximately $42085.68. 2. a. Problem: Determine the monthly gross salary Quinn needs if she spends 28% of it on a mortgage payment of $263. Formula: Mortgage payment = 28% of monthly gross salary Let $S_2$ be the monthly gross salary. Then: $$0.28 \times S_2 = 263$$ Solve for $S_2$: $$S_2 = \frac{263}{0.28}$$ Calculate: $$S_2 = 939.29$$ So, Quinn needs to earn approximately $939.29 per month. 2. b. Problem: Find the annual salary based on the monthly gross salary. Formula: Annual salary = 12 \times monthly salary Calculate: $$12 \times 939.29 = 11271.43$$ So, Quinn's annual salary would be approximately $11271.43.