math
posted by carly .
I'm working on a project about buying a new car. It says: A common bit of financial wisdom is that a car payment should be no more than 20% of your monthly takehome pay. Set up and solve an equation to determine how much you would need to be making in takehome pay each year to afford this car and still follow that bit of financial advice.
If my car payment is $288.02 monthly, does this work?
288.02 = 20% of monthly take home pay
20% = x
m = monthly payments
m/x = monthly take home pay * 12
288.02/.20 = 1440.10 * 12 = $17.281.20
Your yearly take home pay would have to be at least $17,281.20
Thank you

math 
Reiny
correct
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