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Marat sold his condo at a price that was 18% more than the price he pa

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Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 08 Feb 2019, 04:04
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Question Stats:

29% (02:53) correct 71% (02:57) wrong based on 21 sessions

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Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III

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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post Updated on: 08 Feb 2019, 23:43
1
Bunuel wrote:
Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III



Marat bought the condo @ 58% discount rate of 175,000 $ = 101500
and sold @ 18% profit = 1.18 * 101500 = 119770
36% of 119770 = 43117.2

all three are correct
IMO E

Bunuel ; why is answer D , could you please provide official solution
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Originally posted by Archit3110 on 08 Feb 2019, 04:41.
Last edited by Archit3110 on 08 Feb 2019, 23:43, edited 1 time in total.
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 08 Feb 2019, 05:36
IMO E but calculation took so much time.
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 08 Feb 2019, 23:50
Archit3110 wrote:
Bunuel wrote:
Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III



Marat bought the condo @ 58% discount rate of 175,000 $ = 101500
and sold @ 18% profit = 1.18 * 101500 = 119770
36% of 119770 = 43117.2

all three are correct
IMO E

Bunuel ; why is answer D , could you please provide official solution

______________
It's E. Edited.
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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: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 09 Feb 2019, 06:43
Hi All,

I didn't got that how The person who sold Marat the condo lost money?

There is no information provided as in for how much person has bought condo who sold it to Marat. There is provided information that he sold it with discount but not necessary that he made a loss while providing discount.
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 09 Feb 2019, 07:11
Bunuel wrote:
Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III



Hey, I'm just confused, how's the person selling his house to Marat being referred to as 'buyer' here?
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 09 Feb 2019, 07:34
Point 1 says that the person who is selling the condo lost money. We don’t know at what price he was had bought it. We don’t know what the word lost stands for. Are we assuming that if the price paid is lower than the asking price then it’s said to be a loss?
This point is not clear and hence 1 doesn’t seem to be true

Marat bought the condo @ 58% discount rate of 175,000 $ = 101500
and sold @ 18% profit = 1.18 * 101500 = 119770
36% of 119770 = 43117.2

Hence the answer must be D

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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 10 Feb 2019, 02:01
Bunuel wrote:
Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III


Hi Bunuel
I do not understand the reasoning that I must be true . Where is the info that support that claim? Maybe the buyer got the condo with $50K. Maybe he got it with $150K. What do we now that he asks for certain price.
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 10 Feb 2019, 02:33
Bunuel wrote:
Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III


Actually all the data is given in the points itself

Marat bought the condo for $101,500, this is = 175000 - 42/100*175000.

You can use III to calculate, 18% more than the price he paid for it, they both will be same.

I) buyer’s asking price = $175,000(given)
Marat bought it at 42% less than that price

Marat observed a gain, whereas buyer who became the seller for Marat lost out on money

X bought a pen for 10$, sold it Y for 6$

Y became the buyer, whereas X became the seller

The person(X) who sold Marat(Y) the pen obviously lost money.

E
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 10 Feb 2019, 02:43
Hi KanishkM,

From your explanation I am getting is that you are trying to say the person who sold Condo to Marat lost money as he sold for less than asking price correct?

KanishkM wrote:
Bunuel wrote:
Marat sold his condo at a price that was 18% more than the price he paid for it. If he bought his condo at a price that was 42% less than the buyer’s $175,000 asking price, which of the following must be true?

I. The person who sold Marat the condo lost money.
II. Marat bought the condo for $101,500.
III. 36 percent of the price at which Marat sold the condo is $43,117.20.

A. I only
B. I and II only
C. I and III only
D. II and III only
E. I, II and III


Actually all the data is given in the points itself

Marat bought the condo for $101,500, this is = 175000 - 42/100*175000.

You can use III to calculate, 18% more than the price he paid for it, they both will be same.

I) buyer’s asking price = $175,000(given)
Marat bought it at 42% less than that price

Marat observed a gain, whereas buyer who became the seller for Marat lost out on money

X bought a pen for 10$, sold it Y for 6$

Y became the buyer, whereas X became the seller

The person(X) who sold Marat(Y) the pen obviously lost money.

E

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Press +1 Kudos if my post helped you a little and help me to ulcock the tests ;) Wish you all success

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Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 10 Feb 2019, 02:47
Gmatprep550 wrote:
Hi KanishkM,

From your explanation I am getting is that you are trying to say the person who sold Condo to Marat lost money as he sold for less than asking price correct?



Gmatprep550

Yes you are correct. I just related with a real life scenario.

I bought a house for 1200$, sold it you for 1100$, which you later sold for 1300$

So i attained a loss after selling my house at that price.
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Re: Marat sold his condo at a price that was 18% more than the price he pa  [#permalink]

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New post 10 Feb 2019, 03:06
KanishkM wrote:
Gmatprep550 wrote:
Hi KanishkM,

From your explanation I am getting is that you are trying to say the person who sold Condo to Marat lost money as he sold for less than asking price correct?



Gmatprep550

Yes you are correct. I just related with a real life scenario.

I bought a house for 1200$, sold it you for 1100$, which you later sold for 1300$

So i attained a loss after selling my house at that price.


I guess asking price means for what Marat offered to buy Condo and not the seller bought the property.

Hi Bunuel could you please provide assistance in above scenario.
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Re: Marat sold his condo at a price that was 18% more than the price he pa   [#permalink] 10 Feb 2019, 03:06
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