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A credit card company plans to give rebate to users whose [#permalink]
31 May 2007, 10:49
This topic is locked. If you want to discuss this question please re-post it in the respective forum.
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?