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A credit card company plans to give rebate to users whose [#permalink]
31 May 2007, 10:49

1. A credit card company plans to give rebate to users whose amount of transaction by its credit card is over a certain level. It will give back 1% of amount that is more than $2,000 and less than or equal to $ 5,000 and 2% for the portion that is more than $5,000. If a person receives 1.3% of total amount as a rebate, what is the amount he used with the credit card?

(answer is 10000)

2. a, b, and c are consecutive integers where a<b<c. Which of the following values are not possible for the equation c^2-b^2-a^2

Confused a little about the solution [#permalink]
31 May 2007, 22:05

Why are we subtracting 5000 from 2000. i understand that these are the highest and lowest range values . But if there is 1% rebate refund on the portion which is any where btw 2000 and 5000. Then it can be 4000, or 2500. Right?

Re: Confused a little about the solution [#permalink]
31 May 2007, 22:30

001ash wrote:

Why are we subtracting 5000 from 2000. i understand that these are the highest and lowest range values . But if there is 1% rebate refund on the portion which is any where btw 2000 and 5000. Then it can be 4000, or 2500. Right?

according to the stem - the rebate starts at $2000 and not from the first $ (i.e person buying $1000 worth will get no rebate !!) so max rebate is $3000*0.01 on buying less then $5000.

Last edited by KillerSquirrel on 31 May 2007, 22:32, edited 1 time in total.

Re: prep questions [#permalink]
31 May 2007, 22:31

Jamesk486 wrote:

1. A credit card company plans to give rebate to users whose amount of transaction by its credit card is over a certain level. It will give back 1% of amount that is more than $2,000 and less than or equal to $ 5,000 and 2% for the portion that is more than $5,000. If a person receives 1.3% of total amount as a rebate, what is the amount he used with the credit card?

(answer is 10000)

Amount = X ; $2,000 < X <5> $ 5,000

Returned Back = (X - 5,000)/50 ( because 2% is only for the portion more than $ 5,000 )

Interest received is more than 1%. Therefore the amount ( X ) should be greater than $5000.

Therefore,

(2/100)*(X-5000) = (1.3/100)*X......................... ( i )

X = 14280

Please explain what is the mistake in the equation ..( i )

Why is the answer 10,000

2. a, b, and c are consecutive integers where a<b<c. Which of the following values are not possible for the equation c^2-b^2-a^2

Re: Confused a little about the solution [#permalink]
01 Jun 2007, 00:15

KillerSquirrel wrote:

001ash wrote:

Why are we subtracting 5000 from 2000. i understand that these are the highest and lowest range values . But if there is 1% rebate refund on the portion which is any where btw 2000 and 5000. Then it can be 4000, or 2500. Right?

according to the stem - the rebate starts at $2000 and not from the first $ (i.e person buying $1000 worth will get no rebate !!) so max rebate is $3000*0.01 on buying less then $5000.

:-D

Ohh ...Could you please explain once more in more simple way!!! Urrghhhh

Re: Confused a little about the solution [#permalink]
01 Jun 2007, 00:30

LM wrote:

KillerSquirrel wrote:

001ash wrote:

Why are we subtracting 5000 from 2000. i understand that these are the highest and lowest range values . But if there is 1% rebate refund on the portion which is any where btw 2000 and 5000. Then it can be 4000, or 2500. Right?

according to the stem - the rebate starts at $2000 and not from the first $ (i.e person buying $1000 worth will get no rebate !!) so max rebate is $3000*0.01 on buying less then $5000.

Ohh ...Could you please explain once more in more simple way!!! Urrghhhh

sure

this is the question:

credit card company plans to give rebate to users whose amount of transaction by its credit card is over a certain level. It will give back 1% of amount that is more than $2,000 and less than or equal to $ 5,000 and 2% for the portion that is more than $5,000. If a person receives 1.3% of total amount as a rebate, what is the amount he used with the credit card?

look at the bold part - the company will give a rebate of 1% only when you buy more then $2000

so if you buy $10,000 worth, then:

from 0 to $2000 = no rebate

from $2000 to $5000 = $30 rebate (1%)

from $5000 to $10,000 = $100 rebate (2%)

if you want to find the avarege rebate (given as 1.3%)

($2000*0%+$3000*1%+$5000*2%)/$10,000

I think you are missing $2000*0 = 0

we use 3000, because if the avarege rebate is more then 1% you can say thet the purchase amount has to be ! more then $5000 (in order to reach 1.3% rebate).

Last edited by KillerSquirrel on 01 Jun 2007, 00:40, edited 2 times in total.

Hayabusa, Could you please explain the " 3000 " in your equation? Why is it there and how is it calculated to be precisely 3000 and not any other value?

For my Cambridge essay I have to write down by short and long term career objectives as a part of the personal statement. Easy enough I said, done it...