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

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Manager
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Joined: 25 Dec 2018
Posts: 130
Location: India
Concentration: General Management, Finance
GMAT 1: 590 Q48 V23
GPA: 3.4
WE: Engineering (Consulting)
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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Difficulty:

  55% (hard)

Question Stats:

44% (03:17) correct 56% (01:38) wrong based on 9 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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Joined: 11 Dec 2018
Posts: 10
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
GMAT Club Bot
Re: Johnson signed a consignment and needed to borrow $500 at no interest.   [#permalink] 06 Mar 2019, 02:43
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Johnson signed a consignment and needed to borrow $500 at no interest.

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