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A loan has a variable interest rate that fluctuates between

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Manager
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Joined: 11 Aug 2012
Posts: 128
Schools: HBS '16, Stanford '16
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Kudos [?]: 72 [0], given: 16

A loan has a variable interest rate that fluctuates between [#permalink]

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New post 25 Dec 2012, 10:31
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A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

86% (02:28) correct 14% (01:26) wrong based on 35 sessions

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A loan has a variable interest rate that fluctuates between 5% and 9% of the base payment per month. If base payments remain at $250 each month and an additional monthly surcharge of 1% is added to the combined (base + interest), what would be the greatest possible payment due in any given month?
A. $ 262.50
B. $ 265.13
C. $ 272.50
D. $ 275.23
E. $ 286.13

Is this a GMAT like question? I don't think so. What do you think? Is it posible to find one like this in the real test?
[Reveal] Spoiler: OA
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Status: Been a long time guys...
Joined: 03 Feb 2011
Posts: 1420
Location: United States (NY)
Concentration: Finance, Marketing
GPA: 3.75
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Kudos [?]: 1046 [0], given: 62

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Re: A loan has a variable interest rate that fluctuates between [#permalink]

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New post 25 Dec 2012, 10:45
Expert's post
I honestly feel that in this question there is no such thing which may hurt its chances on the real test appearance.
To find the maximum amount, select the maximum rate that is 9%. Therefore the combined amount is 272.5. To this amount add 1% extra of it, as a surcharge. This will be something close to 275.
Here is the answer.
+1D
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Manager
Manager
avatar
Joined: 11 Aug 2012
Posts: 128
Schools: HBS '16, Stanford '16
Followers: 1

Kudos [?]: 72 [0], given: 16

Re: A loan has a variable interest rate that fluctuates between [#permalink]

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New post 25 Dec 2012, 10:49
You are right. I didn't it read well. I believed it was more difficult than it really is.
Re: A loan has a variable interest rate that fluctuates between   [#permalink] 25 Dec 2012, 10:49
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