A family has a monthly mortgage payment of $760, which is 16% of their monthly income. What is the family's monthly income

Let x be the monthly income of this family. Then 16% of x is $760, meaning that (16/100) x=760. From here we get x=76000/16=4750. So the monthly income of this family is 4750 and their annual income is 12*4750=57000.