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Country C imposes a two-tiered tax on imported cars: the first tier im

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Country C imposes a two-tiered tax on imported cars: the first tier im  [#permalink]

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29 Jul 2015, 10:16
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78% (02:50) correct 22% (02:35) wrong based on 87 sessions

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Country C imposes a two-tiered tax on imported cars: the first tier imposes a tax of 12% of the car's price up to a certain price level. If the car's price is higher than the first tier's level, the tax on the portion of the price that exceeds this value is 8%. If Ron imported a $14,000 imported car and ended up paying$1440 in taxes, what is the first tier's price level?

A. $1600 B.$6000
C. $6050 D.$7050
E. $8000 _________________ Saving was yesterday, heat up the gmatclub.forum's sentiment by spending KUDOS! PS Please send me PM if I do not respond to your question within 24 hours. CEO Joined: 20 Mar 2014 Posts: 2633 Concentration: Finance, Strategy Schools: Kellogg '18 (M) GMAT 1: 750 Q49 V44 GPA: 3.7 WE: Engineering (Aerospace and Defense) Re: Country C imposes a two-tiered tax on imported cars: the first tier im [#permalink] Show Tags 29 Jul 2015, 10:29 reto wrote: Country C imposes a two-tiered tax on imported cars: the first tier imposes a tax of 12% of the car's price up to a certain price level. If the car's price is higher than the first tier's level, the tax on the portion of the price that exceeds this value is 8%. If Ron imported a$14,000 imported car and ended up paying $1440 in taxes, what is the first tier's price level? A.$1600
B. $6000 C.$6050
D. $7050 E.$8000

Let T be the tier price, P be total price = 14000

Per the given conditions:

0.12T + 0.08(P-T) = 1440 ----> T= 8000. E is the correct answer.
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Re: Country C imposes a two-tiered tax on imported cars: the first tier im  [#permalink]

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29 Jul 2015, 14:43
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reto wrote:
Country C imposes a two-tiered tax on imported cars: the first tier imposes a tax of 12% of the car's price up to a certain price level. If the car's price is higher than the first tier's level, the tax on the portion of the price that exceeds this value is 8%. If Ron imported a $14,000 imported car and ended up paying$1440 in taxes, what is the first tier's price level?

A. $1600 B.$6000
C. $6050 D.$7050
E. $8000 The$1440 in taxes indicates the weight of 12% is more than 8%, since taxes of $1400 is of equal weight, and therefore A, B, and C are out. Now, with two of the remaining choices, test the easier one, E.$8000.

$$8000 * \frac{12}{100} + (14000 - 8000) \frac{8}{100}= 960 + 480 = 1440.$$
IMO A.
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Re: Country C imposes a two-tiered tax on imported cars: the first tier im  [#permalink]

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14 Jul 2018, 13:56
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Re: Country C imposes a two-tiered tax on imported cars: the first tier im &nbs [#permalink] 14 Jul 2018, 13:56
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