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# At the end of year X, automobile installment credit accounte

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At the end of year X, automobile installment credit accounte [#permalink]

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11 Nov 2013, 13:31
1
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15
This post was
BOOKMARKED
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Difficulty:

35% (medium)

Question Stats:

69% (01:01) correct 31% (00:56) wrong based on 606 sessions

At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended $57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time? A. 62 B. 171 C. 475 D. 513 E. 684 Kindly help in solving this! [Reveal] Spoiler: OA Kudos [?]: 22 [1], given: 2 Manager Joined: 26 Sep 2013 Posts: 218 Kudos [?]: 181 [5], given: 40 Concentration: Finance, Economics GMAT 1: 670 Q39 V41 GMAT 2: 730 Q49 V41 Re: Automobile Installment Credit [#permalink] ### Show Tags 11 Nov 2013, 18:12 5 This post received KUDOS 6 This post was BOOKMARKED ppravin88 wrote: At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended$57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time?

A. 62
B. 171
C. 475
D. 513
E. 684

Kindly help in solving this!

So we're trying to find ALL consumer installment credit, let's call that Q.

So at the end of the year we know that 36% of Q comes from automobile installment credit. So we need to figure out the number for automobile installment credit, and then we can solve for Q. We're told that 57 billion is 1/3 of the automobile installment credit amount. So the full amount of automobile installment credit (in billions) is: 57*3 (since 1/3 of the amount is 57 billion, we multiply by 3 to find the full amount. This gives 171 (billion).

So going back to the stem we know that 36% of outstanding consumer credit (which we are calling Q) comes from automobile credit. So 171 is 36% of what number?

.36*Q=171

Q=171/.36

Q=475

so answer is C. Are you sure that was a 700 level problem?

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Re: At the end of year X, automobile installment credit accounte [#permalink]

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15 Nov 2014, 10:13
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Re: At the end of year X, automobile installment credit accounte [#permalink]

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29 Dec 2014, 19:39
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System of Equations
a = (36/100) c
(1/3) a = 57 --> a = 171

Substitution
171 = (36/100) c
c = (100/36) 171

You now have 2 ways
- You can do the ugly calculation 171/36 * 100
- Or you can notice that 100/36 is slightly smaller than 3. That way 171 * (100/3) will be slightly smaller than 171 * 3.

THE TRAP!
- 171 * 3 is actually 513, the reason why the test makers placed this trap-answer.

- The correct answer will be slightly smaller than 513. Therefore, the correct answer is 475.
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Re: At the end of year X, automobile installment credit accounte [#permalink]

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30 Dec 2014, 21:30
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Total automobile instalment credit = 57*3 = 171

Total consumer instalment credit $$= 171*\frac{100}{36} = 475$$
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Re: At the end of year X, automobile installment credit accounte [#permalink]

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25 Feb 2016, 17:01
The way I minimized the time it took is by saving all the calculations until the end.

I wrote: (57*3)/3*2*3*2 and you'll get 57/12 which the first number when you divide starts with a 4 so I clicked C.

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At the end of year X, automobile installment credit accounte [#permalink]

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22 Jun 2016, 23:08
AccipiterQ wrote:
ppravin88 wrote:
At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended $57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time? A. 62 B. 171 C. 475 D. 513 E. 684 Kindly help in solving this! So we're trying to find ALL consumer installment credit, let's call that Q. So at the end of the year we know that 36% of Q comes from automobile installment credit. So we need to figure out the number for automobile installment credit, and then we can solve for Q. We're told that 57 billion is 1/3 of the automobile installment credit amount. So the full amount of automobile installment credit (in billions) is: 57*3 (since 1/3 of the amount is 57 billion, we multiply by 3 to find the full amount. This gives 171 (billion). So going back to the stem we know that 36% of outstanding consumer credit (which we are calling Q) comes from automobile credit. So 171 is 36% of what number? .36*Q=171 Q=171/.36 Q=475 so answer is C. Are you sure that was a 700 level problem? 1/3 extended, 3+1= total 4 parts, 1 part=57 billion then total automobile installment credit=45*4=228 billion , instead of 57*3 anybody pls help me to make it clear. _________________ please press "+1 Kudos" if useful Kudos [?]: 18 [0], given: 51 Director Status: I don't stop when I'm Tired,I stop when I'm done Joined: 11 May 2014 Posts: 564 Kudos [?]: 2923 [1], given: 220 Location: Bangladesh Concentration: Finance, Leadership GPA: 2.81 WE: Business Development (Real Estate) Re: At the end of year X, automobile installment credit accounte [#permalink] ### Show Tags 23 Jun 2016, 02:21 1 This post received KUDOS jasimuddin wrote: AccipiterQ wrote: ppravin88 wrote: At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended$57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time?

A. 62
B. 171
C. 475
D. 513
E. 684

Kindly help in solving this!

So we're trying to find ALL consumer installment credit, let's call that Q.

So at the end of the year we know that 36% of Q comes from automobile installment credit. So we need to figure out the number for automobile installment credit, and then we can solve for Q. We're told that 57 billion is 1/3 of the automobile installment credit amount. So the full amount of automobile installment credit (in billions) is: 57*3 (since 1/3 of the amount is 57 billion, we multiply by 3 to find the full amount. This gives 171 (billion).

So going back to the stem we know that 36% of outstanding consumer credit (which we are calling Q) comes from automobile credit. So 171 is 36% of what number?

.36*Q=171

Q=171/.36

Q=475

so answer is C. Are you sure that was a 700 level problem?

1/3 extended, 3+1= total 4 parts, 1 part=57 billion then total automobile installment credit=45*4=228 billion , instead of 57*3

anybody pls help me to make it clear.

IMO,You missed a point

The question asked you to find the amount of consumer installment credit NOT the amount of automobile installment credit

According to question,

$$\frac{1}{3}$$ of automobile installment credit=$57 billion,so total automobile installment credit=57*3=$171 billion

So,$171 billion=36% of consumer installment credit,Now we can calculate to find consumer installment credit=$$\frac{171*100}{36}$$=475 Correct Answer C _________________ Md. Abdur Rakib Please Press +1 Kudos,If it helps Sentence Correction-Collection of Ron Purewal's "elliptical construction/analogies" for SC Challenges Kudos [?]: 2923 [1], given: 220 Non-Human User Joined: 09 Sep 2013 Posts: 15576 Kudos [?]: 283 [0], given: 0 Re: At the end of year X, automobile installment credit accounte [#permalink] ### Show Tags 24 Jun 2017, 07:15 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). Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________ Kudos [?]: 283 [0], given: 0 Manager Joined: 23 Dec 2013 Posts: 235 Kudos [?]: 14 [1], given: 21 Location: United States (CA) GMAT 1: 760 Q49 V44 GPA: 3.76 Re: At the end of year X, automobile installment credit accounte [#permalink] ### Show Tags 22 Jul 2017, 19:23 1 This post received KUDOS ppravin88 wrote: At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended$57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time?

A. 62
B. 171
C. 475
D. 513
E. 684

Kindly help in solving this!

C = outstanding consumer installment credit

auto = 36C/100

57 = 36C/300

57 = 12C/100

57 = 6C/50
57=3C/25

C = 475

Kudos [?]: 14 [1], given: 21

Re: At the end of year X, automobile installment credit accounte   [#permalink] 22 Jul 2017, 19:23
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