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

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GRE Prep Club Legend
Joined: 07 Jun 2014
Posts: 4857
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
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Kudos [?]: 1820 [0], given: 397

QOTD#25 The price of Mabel’s car, not including interest, is [#permalink]  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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GRE Prep Club Legend
Joined: 07 Jun 2014
Posts: 4857
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 106

Kudos [?]: 1820 [0], given: 397

Re: QOTD#25 The price of Mabel’s car, not including interest, is [#permalink]  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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