GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 14 Nov 2018, 14:02

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in November
PrevNext
SuMoTuWeThFrSa
28293031123
45678910
11121314151617
18192021222324
2526272829301
Open Detailed Calendar
  • $450 Tuition Credit & Official CAT Packs FREE

     November 15, 2018

     November 15, 2018

     10:00 PM MST

     11:00 PM MST

    EMPOWERgmat is giving away the complete Official GMAT Exam Pack collection worth $100 with the 3 Month Pack ($299)
  • Free GMAT Strategy Webinar

     November 17, 2018

     November 17, 2018

     07:00 AM PST

     09:00 AM PST

    Nov. 17, 7 AM PST. Aiming to score 760+? Attend this FREE session to learn how to Define your GMAT Strategy, Create your Study Plan and Master the Core Skills to excel on the GMAT.

John lent one part of an amount of money at 10 percent rate of simple

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 50585
John lent one part of an amount of money at 10 percent rate of simple  [#permalink]

Show Tags

New post 23 Oct 2018, 23:50
00:00
A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

45% (01:12) correct 55% (01:25) wrong based on 49 sessions

HideShow timer Statistics

John lent one part of an amount of money at 10 percent rate of simple interest and the remaining at 22 percent rate of simple interest, both for one year. At what rate was the larger part lent?

(1) The total amount lent was $2400.
(2) The average rate of simple interest he received on the total amount was 15 percent.

_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Manager
Manager
avatar
S
Joined: 15 Feb 2018
Posts: 79
Re: John lent one part of an amount of money at 10 percent rate of simple  [#permalink]

Show Tags

New post 25 Oct 2018, 13:51
1
Simple interest for one year

x+\(\frac{10}{100}\)x and y+\(\frac{22}{100}\)y

1) Since part was lent, it could be $1200 and $1200 at each rate or $1 and $2399
Insufficient

2) average. arithmetic mean is a special case of weighted mean. We used weighted mean as we don't know how much money has each interest rate
\(w_1\)10+\(w_2\)22=15.

The short way to answer: number line 10------15------22. Distance between 10 and 15 is 5. Distance between 15 and 22 is 7. Since 15 is closer to 10 than 22, there is greater weight on 10.

Here's solving step by step for clarity.
Since \(w_1\) + \(w_2\) =1, \(w_1\)10+(1-\(w_1\))22=15
\(w_1\)10+22-\(w_1\)22=15
\(w_1\)10-\(w_1\)22=-7
\(w_1\)22-\(w_1\)10=7
\(w_1\)(22-10)=7
\(w_1\)=7/12
The weighting on 10 is larger than half. More money was lent at 10%

Sufficient
B
Intern
Intern
User avatar
S
Joined: 17 Apr 2018
Posts: 22
Location: Italy
Concentration: General Management, Entrepreneurship
GPA: 3.75
GMAT ToolKit User Premium Member
Re: John lent one part of an amount of money at 10 percent rate of simple  [#permalink]

Show Tags

New post 25 Oct 2018, 20:51
1
Bunuel wrote:
John lent one part of an amount of money at 10 percent rate of simple interest and the remaining at 22 percent rate of simple interest, both for one year. At what rate was the larger part lent?

(1) The total amount lent was $2400.
(2) The average rate of simple interest he received on the total amount was 15 percent.


Basically, we are asked for the division of the starting sum.
Note that, as in most DS problems, we don't need any calculation but we can just rely on logic, hence making the problem faster to solve.

Process of elimination:
1) We are given the total amount, which doesn't provide the information required. Insufficient.Eliminate A, D
2) We are given the weighted average of the interest rates. This gives us clues about the interest rate on the larger part of the sum. Sufficient. Eliminate C,E.

Correct answer: B
_________________

Give kudos if you found this post helpful :D

My GMAT history:
1st GMATPrep: 620 (Q46, V29)
2nd GMATPrep: 700(Q46, V40)
3rd GMATPrep: 720(Q49, V38)

Intern
Intern
avatar
B
Joined: 27 Sep 2018
Posts: 2
Re: John lent one part of an amount of money at 10 percent rate of simple  [#permalink]

Show Tags

New post 27 Oct 2018, 00:53
Italiandrummer97 wrote:
Bunuel wrote:
John lent one part of an amount of money at 10 percent rate of simple interest and the remaining at 22 percent rate of simple interest, both for one year. At what rate was the larger part lent?

(1) The total amount lent was $2400.
(2) The average rate of simple interest he received on the total amount was 15 percent.


Basically, we are asked for the division of the starting sum.
Note that, as in most DS problems, we don't need any calculation but we can just rely on logic, hence making the problem faster to solve.

Process of elimination:
1) We are given the total amount, which doesn't provide the information required. Insufficient.Eliminate A, D
2) We are given the weighted average of the interest rates. This gives us clues about the interest rate on the larger part of the sum. Sufficient. Eliminate C,E.

Correct answer: B




Can u pls explain the option 2 in details and also how to find the solution to this
Intern
Intern
User avatar
S
Joined: 17 Apr 2018
Posts: 22
Location: Italy
Concentration: General Management, Entrepreneurship
GPA: 3.75
GMAT ToolKit User Premium Member
Re: John lent one part of an amount of money at 10 percent rate of simple  [#permalink]

Show Tags

New post 27 Oct 2018, 01:02
Alpha14 wrote:
Italiandrummer97 wrote:
Bunuel wrote:
John lent one part of an amount of money at 10 percent rate of simple interest and the remaining at 22 percent rate of simple interest, both for one year. At what rate was the larger part lent?

(1) The total amount lent was $2400.
(2) The average rate of simple interest he received on the total amount was 15 percent.


Basically, we are asked for the division of the starting sum.
Note that, as in most DS problems, we don't need any calculation but we can just rely on logic, hence making the problem faster to solve.

Process of elimination:
1) We are given the total amount, which doesn't provide the information required. Insufficient.Eliminate A, D
2) We are given the weighted average of the interest rates. This gives us clues about the interest rate on the larger part of the sum. Sufficient. Eliminate C,E.

Correct answer: B




Can u pls explain the option 2 in details and also how to find the solution to this


Sure :)
If we name: S1= small sum , S2= large sum and TOT= S1 + S2 = whole sum, then we are basically given:

0.15=(S1/TOT)*0.10 + (S2/TOT)*0.22

Having this equation, we can find the solution

Posted from my mobile device
_________________

Give kudos if you found this post helpful :D

My GMAT history:
1st GMATPrep: 620 (Q46, V29)
2nd GMATPrep: 700(Q46, V40)
3rd GMATPrep: 720(Q49, V38)

GMAT Club Bot
Re: John lent one part of an amount of money at 10 percent rate of simple &nbs [#permalink] 27 Oct 2018, 01:02
Display posts from previous: Sort by

John lent one part of an amount of money at 10 percent rate of simple

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.