Given:
Gross salary = $61,890.00
Let's determine the percent of the salary he will pay on loan payments if the payments are $250.00 per month for 144 months.
Let's first find the total amount to be paid in loans:
Total loan payment = $250.00 x 144 = $36,000
The total payment on loans is $36,000
Let's find the number of years in 144 months, where:
1 year = 12 months
[tex]\frac{144}{12}=\text{ 12 years}[/tex]This means he will make the payment for 12 years.
Now, to find the percent of total salary to be used on loans, we have:
[tex]x\text{ \% of (61890}\ast12)\text{ = 36000}[/tex]Let's solve for x:
[tex]\begin{gathered} \frac{x}{100}\times742680=36000 \\ \\ 742680x=36000\times100 \\ \\ 742680x=3600000 \end{gathered}[/tex]Divide both sides by 742680:
[tex]\begin{gathered} \frac{742680x}{742680}=\frac{3600000}{742680} \\ \\ x=4.8\text{ \%} \end{gathered}[/tex]Therefore, the percent of his total salary he will pay in student loan payments is 4.8%.
ANSWER:
4.8%
