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QOTD#25 The price of Mabel’s car, not including interest, is

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GMAT Club Legend
GMAT Club Legend
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Joined: 07 Jun 2014
Posts: 4710
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 90

Kudos [?]: 1606 [0], given: 375

CAT Tests
QOTD#25 The price of Mabel’s car, not including interest, is [#permalink] New post 30 Apr 2017, 14:19
Expert's post
00:00

Question Stats:

33% (00:00) correct 66% (00:00) wrong based on 3 sessions
The price of Mabel’s car, not including interest, is 12 percent more than the price of Rose’s car. Combined, Mabel and Rose’s cars cost $53,000. If Mabel’s car loan interest rate was 5.20 percent, what was the total cost of Mabel’s car, including interest?


Drill 4
Question: 12
Page: 323


[Reveal] Spoiler: OA
29,456

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Sandy
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GMAT Club Legend
GMAT Club Legend
User avatar
Joined: 07 Jun 2014
Posts: 4710
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 90

Kudos [?]: 1606 [0], given: 375

CAT Tests
Re: QOTD#25 The price of Mabel’s car, not including interest, is [#permalink] New post 04 May 2017, 01:30
Expert's post
Explanation

First set up the first part of the question to calculate Mabel’s car cost without interest.

Let Mabel = m and Rose = r.

So, 1.12r = m and r + m = 53,000.

Substitute: Since r + 1.12r = 53,000, then 2.12r = 53,000.

Solve: r = 25,000 and m = 28,000.

Now, you can multiply m by the interest rate. (28,000)(.052) = 1,456 of interest.

Add it to the price of the car to get \(28,000 + 1,456 = 29,456\).

Hence 29,456 is the correct answer.
_________________

Sandy
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Re: QOTD#25 The price of Mabel’s car, not including interest, is   [#permalink] 04 May 2017, 01:30
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QOTD#25 The price of Mabel’s car, not including interest, is

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