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Lara borrowed $2400, and paid back at a rate of 2.5% per

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Senior Manager
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Lara borrowed $2400, and paid back at a rate of 2.5% per [#permalink] New post 07 Aug 2004, 06:01
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Lara borrowed $2400, and paid back at a rate of 2.5% per quarter, and already paid off $420. How long has shee been paying?
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 [#permalink] New post 07 Aug 2004, 08:56
2.5% = 1/40 in fraction.

She has been paying back = 2400 * 1/40 = 60 /qtr or 3 months.

Thus far she has paid 420
==> 420/60 = 7 times

7 x 3months (1 qtr = 3months) = 21 months.
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 [#permalink] New post 09 Aug 2004, 00:10
Same answer---21 months.

East quarter she has to pay 2400x2.5%=A. She has paid back 420. Divide 420 by A and you'll get how many quarters she's been paying.

420/(2400*2.5%)=7 (quarters)
  [#permalink] 09 Aug 2004, 00:10
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Lara borrowed $2400, and paid back at a rate of 2.5% per

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