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# Lara borrowed $2400, and paid back at a rate of 2.5% per  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Senior Manager Joined: 02 Feb 2004 Posts: 345 Followers: 1 Kudos [?]: 65 [0], given: 0 Lara borrowed$2400, and paid back at a rate of 2.5% per [#permalink]

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07 Aug 2004, 07:01
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Lara borrowed $2400, and paid back at a rate of 2.5% per quarter, and already paid off$420. How long has shee been paying?
Director
Joined: 16 Jun 2004
Posts: 892
Followers: 3

Kudos [?]: 63 [0], given: 0

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07 Aug 2004, 09:56
2.5% = 1/40 in fraction.

She has been paying back = 2400 * 1/40 = 60 /qtr or 3 months.

Thus far she has paid 420
==> 420/60 = 7 times

7 x 3months (1 qtr = 3months) = 21 months.
Intern
Joined: 27 Jul 2004
Posts: 27
Followers: 0

Kudos [?]: 0 [0], given: 0

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09 Aug 2004, 01:10

East quarter she has to pay 2400x2.5%=A. She has paid back 420. Divide 420 by A and you'll get how many quarters she's been paying.

420/(2400*2.5%)=7 (quarters)
09 Aug 2004, 01:10
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