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A $240 interest-free loan is to be paid back in equal monthly payment

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Joined: 02 Nov 2016
Posts: 4119
GPA: 3.39
A $240 interest-free loan is to be paid back in equal monthly payment  [#permalink]

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New post 13 Feb 2019, 11:57
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A
B
C
D
E

Difficulty:

  35% (medium)

Question Stats:

67% (01:26) correct 33% (01:47) wrong based on 27 sessions

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A $240 interest-free loan is to be paid back in equal monthly payments. If a total of 2.5% percent of the original amount of the loan is paid back semi-annually, then how many months will it take to pay back $21.00 ?

A. 6
B. 7
C. 18
D. 21
E. 24

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Re: A $240 interest-free loan is to be paid back in equal monthly payment  [#permalink]

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New post 14 Feb 2019, 11:24
SajjadAhmad wrote:
A $240 interest-free loan is to be paid back in equal monthly payments. If a total of 2.5% percent of the original amount of the loan is paid back semi-annually, then how many months will it take to pay back $21.00 ?

A. 6
B. 7
C. 18
D. 21
E. 24


amount 2.5% of 240 $ = 6 $ semi annually or say annually 12 $ annually or say 1 $ per month rate ..
so 21 $ would be settled in
21 months
IMO D
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Re: A $240 interest-free loan is to be paid back in equal monthly payment  [#permalink]

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New post 14 Feb 2019, 11:40
SajjadAhmad wrote:
A $240 interest-free loan is to be paid back in equal monthly payments. If a total of 2.5% percent of the original amount of the loan is paid back semi-annually, then how many months will it take to pay back $21.00 ?

A. 6
B. 7
C. 18
D. 21
E. 24


2.5% (240) = 6

$6 paid semi annually i.e., every six months
given: equal monthly payments
$6 for six month is paid as each dollar a month

$1 ---> 1 month
$21----> 21 months

Option D

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Re: A $240 interest-free loan is to be paid back in equal monthly payment   [#permalink] 14 Feb 2019, 11:40
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A $240 interest-free loan is to be paid back in equal monthly payment

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