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An auction house charges a commission of 15% on the first [#permalink]
28 May 2012, 18:37
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Difficulty:
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Question Stats:
80% (02:22) correct
20% (01:33) wrong based on 176 sessions
An auction house charges a commission of 15% on the first $50,000 of the sale price of an item, plus 10% on the amount of of the sale price in excess of $50,000. What was the price of a painting for which the house charged a total commission of $24,000?
A. $115,000 B. $160,000 C. $215,000 D. $240,000 E. $365,000
Re: An auction house charges a commission of 15% on the first [#permalink]
28 May 2012, 23:28
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Expert's post
Smita04 wrote:
An auction house charges a commission of 15% on the first $50,000 of the sale price of an item, plus 10% on the amount of of the sale price in excess of $50,000. What was the price of a painting for which the house charged a total commission of $24,000?
A. $115,000 B. $160,000 C. $215,000 D. $240,000 E. $365,000
Say the price of the house was $x, then 0.15*50,000+0.1*(x-50,000)=24,000 --> x=$215,000 (15% of $50,000 plus 10% of the amount in excess of $50,000, which is x-50,000, should equal to total commission of $24,000).
Re: An auction house charges a commission of 15% on the first [#permalink]
06 Sep 2012, 17:37
Expert's post
Bunuel I would ask one thing if I can: in this kind of problem algebra (set up an equation) is faster than for instance backsolving in general, or always depends on you ??
Re: An auction house charges a commission of 15% on the first [#permalink]
06 Sep 2012, 18:54
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carcass wrote:
Bunuel I would ask one thing if I can: in this kind of problem algebra (set up an equation) is faster than for instance backsolving in general, or always depends on you ??
Thanks
It Always depends on you!
For this question i did in this way.
50000 - 10 % = 7500 Then commission for remaining amount will be 24000-7500=16500
Then amount which gives this 16500 as 10% should be 165000.
Therefore summing up 165000+50000 = 215000
This was the way i felt easy for me. _________________
GMAT - Practice, Patience, Persistence Kudos if u like
Re: An auction house charges a commission of 15% on the first [#permalink]
05 Oct 2013, 09:34
Hello from the GMAT Club BumpBot!
Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
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Re: An auction house charges a commission of 15% on the first [#permalink]
05 Oct 2013, 09:42
Quote:
It Always depends on you! For this question i did in this way. 50000 - 10 % = 7500 Then commission for remaining amount will be 24000-7500=16500 Then amount which gives this 16500 as 10% should be 165000.
Therefore summing up 165000+50000 = 215000
This was the way i felt easy for me.
This is the way i did it. With several parts to the equation, I kind of tackled it one part at time instead of developing an equation. That's the way my mind works. I could have derived the equation after the fact but that would have been pointless since once you get the answer you are done.
Re: An auction house charges a commission of 15% on the first [#permalink]
01 Jul 2015, 09:57
Hello from the GMAT Club BumpBot!
Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
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Re: An auction house charges a commission of 15% on the first [#permalink]
01 Jul 2015, 17:02
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Back solving to arrive at $24,000. The variable is amount greater than $50,000 because 15% of 50,000 is $7,500 and therefore what brings the calculation to $16,500.
A. $115,000 - 50,000 = 65,000 * 10% = $6,500. Not correct. B. $160,000 - 50,000 = 110,000 * 10% = $11,000. Not correct. C. $215,000 - 50,000 = 165,000 * 10% = 16,500. Correct. D. $240,000 Going to be too high. Not correct. E. $365,000 Going to be too high. Not correct.
Thanks, A
gmatclubot
Re: An auction house charges a commission of 15% on the first
[#permalink]
01 Jul 2015, 17:02
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