Question
Loretta's income last year was \( \$ 81,300 \). She made \( \$ 56,800 \) at her salaried job and had additional passive income, If Loretta earned the same amount of passive income each month for the entire year, approximately how much per month was it? a. \( \$ 2,040 \) b. \( \$ 2,125 \) c. \( \$ 4,730 \) d. \( \$ 6,775 \)
Ask by Cross Weston. in the United States
Mar 11,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Loretta earned approximately \$2,040 per month in passive income.
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Beyond the Answer
To find out Loretta's monthly passive income, we first need to calculate the total passive income she earned last year. Subtracting her salary from her total income gives us: \[ \text{Passive Income} = \text{Total Income} - \text{Salary} = 81,300 - 56,800 = 24,500 \] Next, we divide her total passive income by the number of months in a year: \[ \text{Monthly Passive Income} = \frac{24,500}{12} \approx 2,041.67 \] Rounding this gives us approximately \( \$ 2,040 \). Therefore, the correct answer is: **a. \( \$ 2,040 \)**.
