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M18-07

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Math Expert
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Joined: 02 Sep 2009
Posts: 51067
M18-07  [#permalink]

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New post 16 Sep 2014, 00:03
00:00
A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

59% (00:48) correct 41% (01:11) wrong based on 268 sessions

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Jack owes the bank $1500. He is required to pay back 4% of this amount quarterly. If no interest is charged, how many months will it take Jack to reduce his debt to $900 ?

A. 10
B. 15
C. 30
D. 36
E. 45

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Re M18-07  [#permalink]

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New post 16 Sep 2014, 00:03
Official Solution:

Jack owes the bank $1500. He is required to pay back 4% of this amount quarterly. If no interest is charged, how many months will it take Jack to reduce his debt to $900 ?

A. 10
B. 15
C. 30
D. 36
E. 45

To reduce his debt to $900, Jack has to pay back \(1500 - 900 = 600\) USD. Because Jack pays back \(4\% * 1500 = 60\) USD every quarter (i.e. every three months), it will take him \(\frac{600}{60}*3 = 30\) months to pay back $600.

Answer: C
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New to the Math Forum?
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Resources:
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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.


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Re: M18-07  [#permalink]

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New post 18 Jun 2017, 09:12
Jack has to pay 1500-900=600
4%of 1500=60
60 * 10=600 i.e in 10 installments jack has to pay 600
1 installment is to be paid quarterly i.e every 3 months
so 3*10=30
C.
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Re: M18-07  [#permalink]

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New post 02 Jul 2018, 22:59
The question implies that Jack will have to pay back a changing amount. e.g.

Q1 he pays back 4% * 1500
Q2 he pays back 4% * 1440
...

The answer seems to indicate that he actually needs to pay back a constant amount each period...which makes the solution a lot easier!
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Re M18-07  [#permalink]

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New post 02 Jul 2018, 23:01
I think this is a poor-quality question and I agree with explanation. Question implies that the amount needing to be paid back varies per quarter, which adds a high degree of complexity to the question.
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Re M18-07 &nbs [#permalink] 02 Jul 2018, 23:01
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