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If Chris saved \$400 of his earnings last month, How much did Chris ear

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Intern
Joined: 30 Jul 2013
Posts: 23
Location: India
GPA: 2.4
WE: General Management (Insurance)
If Chris saved \$400 of his earnings last month, How much did Chris ear  [#permalink]

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Updated on: 30 Mar 2017, 03:35
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Difficulty:

35% (medium)

Question Stats:

75% (01:25) correct 25% (01:28) wrong based on 30 sessions

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If Chris saved \$400 of his earnings last month, How much did Chris earn last month?

1) Chris spent 1/3 of his last month's earnings on rentals saved 1/4 of the reaminder.

2) last month, Chris paid three times as much in loan payments as he saved.

Originally posted by annusngh on 30 Mar 2017, 02:15.
Last edited by Bunuel on 30 Mar 2017, 03:35, edited 1 time in total.
Renamed the topic.
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Re: If Chris saved \$400 of his earnings last month, How much did Chris ear  [#permalink]

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30 Mar 2017, 02:27
annusngh wrote:
If Chris saved \$400 of his earnings last month, How much did Chris earn last month?

1) Chris spent 1/3 of his last month's earnings on rentals saved 1/4 of the reaminder.

2) last month, Chris paid three times as much in loan payments as he saved.

St I
Chris spent 1/3 of his last month's earnings on rentals saved 1/4 of the remiander
Let Chris earning = x
x/3 = rentals
(1-1/3)*(1/4)*x = 400
(2/3)(1/4)*x = 400
x/6 = 400
x = 2400 -------------Sufficient

St II
Last month, Chris paid three times as much in loan payments as he saved

although loan payments = 3*savings = 3*400 = 1200
nothing says that the loan payments and saving are the only things that Chris did with last months income ------------Insufficient

Hence option A is correct
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Re: If Chris saved \$400 of his earnings last month, How much did Chris ear  [#permalink]

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23 Nov 2017, 15:14
Hi All,

We're told that Chris saved \$400 of his earnings last month. We're asked for the total amount Chris EARNED last month.

1) Chris spent 1/3 of his last month's EARNINGS on rentals and saved 1/4 of the remainder.

Fact 1 tells us that 1/4 of 2/3 of Chris's earnings were saved. We can combine this information with what we were told in the prompt (that Chris Saved \$400) and 'work backwards' to find the total earned.

\$400 = 1/4 of the 'remainder'
\$1600 = the 'remainder'

the 'remainder' = \$1600 = 2/3 of the total earned
\$1600 = (2/3)(X)
\$2400 = X
Thus, Chris earned \$2400, spent 1/3 of that (re: \$800) on rentals and had a 'remainder of \$2400-\$800 = \$1600. He saved 1/4 of that remainder (which matches the \$400 that the prompt stated was the savings).
Fact 1 is SUFFICIENT

2) Last month, Chris paid three times as much in loan payments as he saved.

With Fact 2, we can determine the amount of money that Chris spent on loan payments (3 times \$400 = \$1200), but we don't know if Chris spent money on anything ELSE. Fact 2 ultimately tells us that Chris earned AT LEAST \$1200+\$400 = \$1600, but he could have earned more than that.
Fact 2 is INSUFFICIENT

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Re: If Chris saved \$400 of his earnings last month, How much did Chris ear &nbs [#permalink] 23 Nov 2017, 15:14
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