It is currently 20 Nov 2018, 11:50
My Tests

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Raymond borrowed $450 at 0% interest. If he pays back 0.5%

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
GMAT Club Legend
GMAT Club Legend
User avatar
Joined: 07 Jun 2014
Posts: 4721
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 91

Kudos [?]: 1625 [0], given: 389

CAT Tests
Raymond borrowed $450 at 0% interest. If he pays back 0.5% [#permalink] New post 02 Jun 2018, 03:34
Expert's post
00:00

Question Stats:

57% (01:10) correct 42% (00:00) wrong based on 7 sessions
Raymond borrowed $450 at 0% interest. If he pays back 0.5% of the total amount every 7 days, beginning exactly 7 days after the loan was disbursed, and has thus far paid back $18, with the most recent payment made today, how many days ago did he borrow the money?

(A) 6
(B) 8
(C) 25
(D) 42
(E) 56
[Reveal] Spoiler: OA

_________________

Sandy
If you found this post useful, please let me know by pressing the Kudos Button

Try our free Online GRE Test

Intern
Intern
Joined: 02 May 2018
Posts: 43
Followers: 0

Kudos [?]: 27 [0], given: 15

Re: Raymond borrowed $450 at 0% interest. If he pays back 0.5% [#permalink] New post 19 Jun 2018, 15:09
We first start off with the equation \(450 * .005 = X\). X stands for the total amount he pays every 7 days.

X=2.25 dollars.

If he has paid back 18 dollars already, then we can divide the amount he pays (2.25) by 18 to get how many weeks he has paid so far.

\(18 / 2.25 = 8\)

He has paid for 8 weeks. Since the question is asking for days, we multiply 8 by 7 to get the answer.

8 * 7 = 56

The correct answer is E.
GMAT Club Legend
GMAT Club Legend
User avatar
Joined: 07 Jun 2014
Posts: 4721
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 91

Kudos [?]: 1625 [0], given: 389

CAT Tests
Re: Raymond borrowed $450 at 0% interest. If he pays back 0.5% [#permalink] New post 01 Jul 2018, 14:07
Expert's post
Explanation

1% of $450 is $4.50, so 0.5% is $2.25. That’s the amount Raymond pays back every week.

Because he has paid back $18 in total, divide 18 by 2.25 to determine the total number of payments:
\(\frac{18}{2.25}= 8.\)


So Raymond has made 8 payments, once every 7 days. The payments themselves spread over only a 7-week period (in the same way that 2 payments spread over only a 1-week period).

Raymond waited 1 week to begin repayment, however, so a total of 8 weeks, or 56 days, have passed since he borrowed the money.
_________________

Sandy
If you found this post useful, please let me know by pressing the Kudos Button

Try our free Online GRE Test

Re: Raymond borrowed $450 at 0% interest. If he pays back 0.5%   [#permalink] 01 Jul 2018, 14:07
Display posts from previous: Sort by

Raymond borrowed $450 at 0% interest. If he pays back 0.5%

  Question banks Downloads My Bookmarks Reviews Important topics  


GRE Prep Club Forum Home| About| Terms and Conditions and Privacy Policy| GRE Prep Club Rules| Contact

Powered by phpBB © phpBB Group

Kindly note that the GRE® test is a registered trademark of the Educational Testing Service®, and this site has neither been reviewed nor endorsed by ETS®.