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Irate Parent: Your request for a $2,000 loan to help pay

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Irate Parent: Your request for a $2,000 loan to help pay  [#permalink]

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New post 28 Dec 2017, 08:54
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A
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C
D
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Difficulty:

  15% (low)

Question Stats:

79% (02:10) correct 21% (02:18) wrong based on 175 sessions

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Irate Parent: Your request for a $2,000 loan to help pay your $11,000 tax bill is clearly without merit. By your own admission, you have failed to repay the $6,000 I advanced you to buy a car over two years ago, despite your verbal and written assurances that you would do so over that span.

Indigent Child: Though it is true that I have been unable to repay your generous auto loan, we both know that last year I was working for a charity and received no income, a decision you endorsed. This year, I have a $11,000 tax bill because I received $50,000 in income, but all that money can easily be accounted for: I spent $9,000 on rent, $6,000 on utilities and insurance, $15,000 on food, $9,000 on work expenses and loans to my sister, and the remaining $11,000, of course, on my taxes.

The child’s defense is suspect because

A) The loans the child made to his sister were unnecessary, as they clearly could have been made by the irate parent.
B) The rent, utilities, insurance, food, work expenses, loans, and tax bill do not add up to $50,000.
C) If the child had allocated $11,000 to the tax bill as is insinuated in the child’s defense, then a loan with which to pay the bill would be redundant.
D) The child cannot be trusted to repay any further loans in light of his failure to repay the auto loan supplied by the irate parent.
E) The child could arrange a payment plan with the tax authorities.

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Re: Irate Parent: Your request for a $2,000 loan to help pay  [#permalink]

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New post 03 Jan 2018, 23:50
hello, I need help with this question. I hardly find the logic behind this question.
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Irate Parent: Your request for a $2,000 loan to help pay  [#permalink]

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New post 04 Jan 2018, 04:45
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chesstitans wrote:
hello, I need help with this question. I hardly find the logic behind this question.



C If the child had allocated $11,000 to the tax bill as is insinuated in the child’s defense, then a loan with which to pay the bill would be redundant.


Now see what he said

Salary 50,000
Take a total of expenditure-
Rent 9000
Utility 6000
Food 15000
Work and sister 9000
Taxes 11000
Total 50,000

Now if he had given 11000 to pay tax , then he would not have asked his dad to give him 2000 loan because if tax was paid then then why would he had to ask his father for 2000?. So thats the point.
Since he paid taxes so loan of 2000 is not reqd.

I hope it helps.

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Re: Irate Parent: Your request for a $2,000 loan to help pay  [#permalink]

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New post 04 Jan 2018, 14:10
sahilvijay wrote:
Irate Parent: Your request for a $2,000 loan to help pay your $11,000 tax bill is clearly without merit. By your own admission, you have failed to repay the $6,000 I advanced you to buy a car over two years ago, despite your verbal and written assurances that you would do so over that span.

Indigent Child: Though it is true that I have been unable to repay your generous auto loan, we both know that last year I was working for a charity and received no income, a decision you endorsed. This year, I have a $11,000 tax bill because I received $50,000 in income, but all that money can easily be accounted for: I spent $9,000 on rent, $6,000 on utilities and insurance, $15,000 on food, $9,000 on work expenses and loans to my sister, and the remaining $11,000, of course, on my taxes.

The child’s defense is suspect because

A) The loans the child made to his sister were unnecessary, as they clearly could have been made by the irate parent.
B) The rent, utilities, insurance, food, work expenses, loans, and tax bill do not add up to $50,000.
C) If the child had allocated $11,000 to the tax bill as is insinuated in the child’s defense, then a loan with which to pay the bill would be redundant.
D) The child cannot be trusted to repay any further loans in light of his failure to repay the auto loan supplied by the irate parent.
E) The child could arrange a payment plan with the tax authorities.


The child is explaining why he needs 2,000$ to pay his taxes. Yet by his own admission, he is spending 11,000$ on 11,000$ worth of taxes. In other words, he is paying all of the tax himself. So why should he need a loan?
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Re: Irate Parent: Your request for a $2,000 loan to help pay  [#permalink]

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New post 23 May 2018, 01:45
sahilvijay wrote:
Irate Parent: Your request for a $2,000 loan to help pay your $11,000 tax bill is clearly without merit. By your own admission, you have failed to repay the $6,000 I advanced you to buy a car over two years ago, despite your verbal and written assurances that you would do so over that span.

Indigent Child: Though it is true that I have been unable to repay your generous auto loan, we both know that last year I was working for a charity and received no income, a decision you endorsed. This year, I have a $11,000 tax bill because I received $50,000 in income, but all that money can easily be accounted for: I spent $9,000 on rent, $6,000 on utilities and insurance, $15,000 on food, $9,000 on work expenses and loans to my sister, and the remaining $11,000, of course, on my taxes.

The child’s defense is suspect because

A) The loans the child made to his sister were unnecessary, as they clearly could have been made by the irate parent.
B) The rent, utilities, insurance, food, work expenses, loans, and tax bill do not add up to $50,000.
C) If the child had allocated $11,000 to the tax bill as is insinuated in the child’s defense, then a loan with which to pay the bill would be redundant.
D) The child cannot be trusted to repay any further loans in light of his failure to repay the auto loan supplied by the irate parent.
E) The child could arrange a payment plan with the tax authorities.


VERITAS PREP OFFICIAL SOLUTION:



Solution: C

Watch out for the child’s sneaky math: if he doesn’t have the $11,000 to pay his tax bill, how could he have already spent it? (C).
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Re: Irate Parent: Your request for a $2,000 loan to help pay &nbs [#permalink] 23 May 2018, 01:45
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Irate Parent: Your request for a $2,000 loan to help pay

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