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6.9 Exercise 19

Avg difficulty 2.5

Warren qualifies for a REPAYE payment plan. His gross income is $32,700. He is single and live in Montana, so the federal poverty guideline for Warren is $12,000.

  1. What is Warren’s discretionary income?
  2. Under the REPAYE plan, he pays 10% of his discretionary income, but monthly. How much are Warren’s REPAYE payments?

OpenStax Contemporary Mathematics, 6.9 Understanding Student Loans, exercise 19

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.