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M18-07

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Bunuel
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M18-07 [#permalink] New post   16 Sep 2014, 01:03
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A
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45% (medium)

Question Stats:

60% (01:18) correct 40% (01:34) wrong based on 237 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 for Jack to reduce his debt to $900?

A. 10
B. 15
C. 30
D. 36
E. 45
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C
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Bunuel
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Re M18-07 [#permalink] New post   16 Sep 2014, 01:03
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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 for 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. Since Jack pays back 4% of $1500, which is $60, every quarter (i.e., every three months), it will take him \(\frac{600}{60}*3 = 30\) months to pay back $600 and reduce his debt to $900.


Answer: C
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kaladin123
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Re: M18-07 [#permalink] New post   06 Jul 2021, 18:47
I think this is a high-quality question.
I misread the question - fell for trap answer choice A (10 qtrs).
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Bunuel
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Re: M18-07 [#permalink] New post   06 May 2023, 15:01
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I have edited the question and the solution by adding more details to enhance its clarity. I hope it is now easier to understand.
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Re: M18-07 [#permalink]
06 May 2023, 15:01
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Bunuel
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