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At the end of year X, automobile installment credit accounte

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AndrewN
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Re: At the end of year X, automobile installment credit accounte [#permalink] New post   11 May 2021, 09:00
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This question comes from GMAT Prep, specifically Practice Exam 4. (I just wrapped up a lesson in which I was helping a student go over questions from his practice test.) Bunuel, would you please add the appropriate tag?

Thank you.

- Andrew
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Re: At the end of year X, automobile installment credit accounte [#permalink] New post   11 May 2021, 09:08
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AndrewN wrote:
This question comes from GMAT Prep, specifically Practice Exam 4. (I just wrapped up a lesson in which I was helping a student go over questions from his practice test.) Bunuel, would you please add the appropriate tag?

Thank you.

- Andrew

_____________________
Added the tag. Thank you!
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Re: At the end of year X, automobile installment credit accounte [#permalink] New post   11 May 2021, 11:05
ppravin88 wrote:
At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended $57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time?

A. 62
B. 171
C. 475
D. 513
E. 684

Kindly help in solving this!


CROSS MULTIPLY
Let all outstanding consumer installment credit = 100
automobile installment credit = 36% of 100
= 36

1/3rd of automobile credit= ( 1/3 ) * 36 = 12

Now as given,
= 57 billion = 1/3rd of automobile credit= ( 1/3 ) * 36 = 12

automobile credit outstanding consumer installment credit
12 100
57 X



X= (57 * 100)/12

= 475

ANSWER C
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Re: At the end of year X, automobile installment credit accounte [#permalink] New post   10 Sep 2021, 13:07
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ppravin88 wrote:
At the end of year X, automobile installment credit accounted for 36% of all outstanding consumer installment credit. At that time automobile finance companies extended $57 billion of credit, or 1/3 of the automobile installment credit. How many billion dollars of consumer installment credit was outstanding at that time?

A. 62
B. 171
C. 475
D. 513
E. 684


$57 billion of credit, or 1/3 of the automobile installment credit.
Implication:
The automobile installment credit is a positive INTEGER.

Automobile installment credit accounted for 36% of all outstanding consumer installment credit.
How many billion dollars of consumer installment credit was outstanding at that time?
36% = 36/100 = 9/25
Since 9/25 of the correct answer must yield an integer value for the automobile installment credit, the correct answer must be a MULTIPLE OF 25.
Only C is viable.

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C
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Re: At the end of year X, automobile installment credit accounte [#permalink] New post   05 Nov 2023, 15:04
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Re: At the end of year X, automobile installment credit accounte [#permalink]
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