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.
Mortgage Salary 869832
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