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# A sum of \$3310 is to be paid back in 3 equal installments.

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Manager
Joined: 27 Jul 2011
Posts: 150
A sum of \$3310 is to be paid back in 3 equal installments.  [#permalink]

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Updated on: 21 Apr 2013, 22:39
7
00:00

Difficulty:

65% (hard)

Question Stats:

66% (01:47) correct 34% (01:31) wrong based on 268 sessions

### HideShow timer Statistics

A sum of \$3310 is to be paid back in 3 equal installments. How much is each installment if the interest is compounded annually at 10% per annum.

A. 1311
B. 1331
C. 1103
D. 2331
E. 2311

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If u can't jump the 700 wall , drill a big hole and cross it .. I can and I WILL DO IT ...need some encouragement and inspirations from U ALL

Originally posted by BukrsGmat on 21 Apr 2013, 22:27.
Last edited by Bunuel on 21 Apr 2013, 22:39, edited 2 times in total.
Renamed the topic and edited the question.
Math Expert
Joined: 02 Sep 2009
Posts: 50613
Re: A sum of \$3310 is to be paid back in 3 equal installments.  [#permalink]

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21 Apr 2013, 22:34
1
sujit2k7 wrote:
A sum of \$3310 is to be paid back in 3 equal installments. How much is each installment if the interest is compounded annually at 10% per annum.

A. 1311
B. 1331
C. 1103
D. 2331
E. 2311

Similar question:
Quote:
Louie takes out a three-month loan of \$1000. The lender charges him 10% interest per month compunded monthly. The terms of the loan state that Louie must repay the loan in three equal monthly payments. To the nearest dollar, how much does Louie have to pay each month?

A. 333
B. 383
C. 402
D. 433
E. 483

Discussed here: louie-takes-out-a-three-month-loan-of-1000-the-lender-101506.html

Hope it helps.
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Posts: 8776
Re: A sum of \$3310 is to be paid back in 3 equal installments.  [#permalink]

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04 Nov 2018, 07:41
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: A sum of \$3310 is to be paid back in 3 equal installments. &nbs [#permalink] 04 Nov 2018, 07:41
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