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

It is currently 21 Sep 2018, 16:54

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

Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep

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

Hide Tags

Senior Manager
Senior Manager
avatar
P
Joined: 13 Oct 2016
Posts: 289
Concentration: Operations, Leadership
GMAT 1: 600 Q44 V28
GMAT ToolKit User Premium Member
Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

Show Tags

New post Updated on: 21 May 2017, 03:40
1
3
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

76% (00:30) correct 24% (01:25) wrong based on 63 sessions

HideShow timer Statistics

Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910

_________________

_______________________________________________
If you appreciate the post then please click +1Kudos :)


Originally posted by Kritesh on 11 May 2017, 11:33.
Last edited by Kritesh on 21 May 2017, 03:40, edited 1 time in total.
Intern
Intern
avatar
B
Joined: 27 Jan 2017
Posts: 23
Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

Show Tags

New post 11 May 2017, 11:45
A very easy Simple interest problem.

I = (P*N*R)/100
where
P = principal
N = time (in years)
R = rate

So in this case I = (10000*3*6)/100 = 1800

Thus total amount to be paid = Principal + Interest
= 10000 + 1800 = 11800

Thus D

Regards
Anugrah
Board of Directors
User avatar
P
Status: QA & VA Forum Moderator
Joined: 11 Jun 2011
Posts: 4032
Location: India
GPA: 3.5
WE: Business Development (Commercial Banking)
GMAT ToolKit User Premium Member
Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

Show Tags

New post 11 May 2017, 12:31
Kritesh wrote:
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910

_____________________________________________________
If you appreciate the question then please click +1Kudos :)


\(Amount = Principal + Simple \ Interest\)

Or, \(Amount = 10,000 + (\frac{10,000*3*6}{100})\)

Or, \(Amount = 10,000 + 1,800\)

Or, \(Amount = 11,800\)

Thus, the correct answer must be (D) $ 11,800
_________________

Thanks and Regards

Abhishek....

PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS

How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only )

Director
Director
User avatar
D
Joined: 04 Dec 2015
Posts: 701
Location: India
Concentration: Technology, Strategy
Schools: ISB '19, IIMA , IIMB, XLRI
WE: Information Technology (Consulting)
GMAT ToolKit User
Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

Show Tags

New post 12 May 2017, 03:37
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?

simple interest = \(\frac{10000 * 6 * 3}{100}\)
simple interest = 1800

Total amount = 10000 +1800 = 11800 .... Answer D

_________________
Kindly press "+1 Kudos" to appreciate :)
Senior SC Moderator
avatar
V
Joined: 22 May 2016
Posts: 1978
Premium Member CAT Tests
Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

Show Tags

New post 20 Aug 2018, 12:56
Kritesh wrote:
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910

The simple interest AMOUNT owed each year is derived from the original principal alone and does not change.

Six percent of \($10,000 = $600\) each year
\((\frac{6}{100}*$10,000)=$600\)

Start: $10,000 owed
END of Year 1: assessment of $600 owed
(new running total: $10,600 owed)

END of Year 2: assessment of $600 owed
(new running total: $11,200 owed)

END of Year 3: assessment of $600 owed
(new running total: $11,800 owed)

OR: 6% of $10,000 = $600. That amount will be assessed at the end of each of three years.($600 * 3) = $1,800

After 3 years
Principal owed + interest owed = ($10,000 + $1,800) = $11,800

Answer D
_________________

In the depths of winter, I finally learned
that within me there lay an invincible summer.

-- Albert Camus, "Return to Tipasa"

Target Test Prep Representative
User avatar
G
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 3515
Location: United States (CA)
Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

Show Tags

New post 23 Aug 2018, 16:37
Kritesh wrote:
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910


Interest owed was:

10,000 x 0.06 x 3 = $1,800

So a total of 10,000 +1,800 = $11,800 was to be paid back.

Answer: D
_________________

Scott Woodbury-Stewart
Founder and CEO

GMAT Quant Self-Study Course
500+ lessons 3000+ practice problems 800+ HD solutions

Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep &nbs [#permalink] 23 Aug 2018, 16:37
Display posts from previous: Sort by

Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep

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

Events & Promotions

PREV
NEXT


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®.