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Apr 2808:00 AM PDT
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01 Feb 2026, 16:37
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
56% (01:56) correct
44%
(02:29)
wrong
based on 50
sessions
History
Date
Time
Result
Not Attempted Yet
Henry and Walter bought the same sedan cars by paying the same amount as the down payment, the rest of the amount being financed by different banks. Henry got the car financed by First Bank Corp, which charged 10% simple interest yearly. Walter got the car financed by Bank United, which charged 2% less interest rate. Later, Henry realized that if he repaid the sum one year earlier to his bank than Walter, then he would pay the same amount as Henry. After how many years did Henry pay the sum?
(Source = QDSPro)
A. 6
B. 5
C. 4
D. 3
E. 2
(Source = QDSPro)
A. 6
B. 5
C. 4
D. 3
E. 2
01 Feb 2026, 16:39
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Bit confused with the phrasing of this question.
Can someone please give the solution?
(Considering they have used 'if' in the question for henry's car repayment)
Can someone please give the solution?
(Considering they have used 'if' in the question for henry's car repayment)
01 Feb 2026, 18:44
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Amity007
Henry - 10%
Walter - 8%
The principal is the same for both.
Ratio of the interest rates = 10:8 = 5:4
Thus, to pay the same interest (according to the question), ratio of the time for Henry and Walter should be 4:5 (reverse of the ratio of the rates)
Observe that the gap in the terms of the ratio is 1 (matching with the question).
Time taken by Henry is 4 yrs
Alt:
P(10)(t)/100 = P(8)(t+1)/100
t = 4
PS. I think the question means to say:
"Henry realized that he would repay the sum one year earlier to his bank than Walter, and would pay the same amount as Henry"
