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Johnson signed a consignment and needed to borrow $500 at no interest.

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Johnson signed a consignment and needed to borrow $500 at no interest.  [#permalink]

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New post 06 Mar 2019, 01:48
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Question Stats:

43% (02:27) correct 57% (02:02) wrong based on 30 sessions

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Johnson signed a consignment and needed to borrow $500 at no interest. It was stated in the consignment that he must pay back 1.5% of the total amount every week, beginning exactly 7 days after the loan was disbursed, and has thus paid back $60, with the most recent payment made today, how many days ago did he borrow the money?

A) 6
B) 12
C) 49
D) 56
E) 64
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Re: Johnson signed a consignment and needed to borrow $500 at no interest.  [#permalink]

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New post 06 Mar 2019, 02:43
IMO D

He has to pay 1,5% every week. So each payment will be: 500(1,5%) = 7,5$

He've already paid 60. We want to know how many payments he did.

7,5(x) = 60
x= 8

8(payments)*7(days)= 56

So i borrowed the money 56 days ago
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Re: Johnson signed a consignment and needed to borrow $500 at no interest.  [#permalink]

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New post 08 Apr 2019, 20:51
Hi,

I don't quite get OA.

This is my solution. Please correct me.

Amount he has to pay back each week = $500 * 1.5% = $7.5
Total week he must pay back = 60/7.5 = 8 weeks = 56 days

Since the payback amount begins exactly 7 days after the loan was disbursed, he borrowed on: 56+7+1 = 64 days ago
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Re: Johnson signed a consignment and needed to borrow $500 at no interest.  [#permalink]

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New post 08 Apr 2019, 22:07
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mangamma wrote:
Johnson signed a consignment and needed to borrow $500 at no interest. It was stated in the consignment that he must pay back 1.5% of the total amount every week, beginning exactly 7 days after the loan was disbursed, and has thus paid back $60, with the most recent payment made today, how many days ago did he borrow the money?

A) 6
B) 12
C) 49
D) 56
E) 64


1.5% of 500 is $7.5. Therefore, in paying back $60, he has taken (60/7.5)*7 days = 56 days.

Option (D).
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Re: Johnson signed a consignment and needed to borrow $500 at no interest.   [#permalink] 08 Apr 2019, 22:07
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Johnson signed a consignment and needed to borrow $500 at no interest.

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