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

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11 Nov 2013, 13:31

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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?

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?

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

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15 Nov 2014, 10:13

Hello from the GMAT Club BumpBot!

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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 - The correct answer will be slightly smaller than 513. Therefore, the correct answer is 475.
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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.
_________________

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

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23 Jun 2016, 02:21

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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

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

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

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22 Jul 2017, 19:23

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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?