Bunuel wrote:

Raymond borrowed $450 at 0% interest. If he pays back 0.5% of the total amount every 7 days, beginning exactly 7 days after the loan was disbursed, and has thus far paid back $18, with the most recent payment made today, how many days ago did he borrow the money?

(A) 6

(B) 8

(C) 25

(D) 42

(E) 56

Since the calculation looks a bit tricky and involves non-integer values, we'll first look to the answers.

This is an Alternative approach.

Since Raymond pays once every 7 days, made his most recent payment today, and started paying 7 days after the loan, the answer must be a multiple of 7.

Only (D), (E) are possible.

Say (D) were true.

Then Raymond borrowed the money 42 days ago and has been paying for 42 - 7 = 35 days = 6 payments in total (because one payment is on the first and the other on the last day)

He paid 0.5% of 450, 2.25, per week so he should have paid 6 * 2.25 dollars = 12 + 1.5 =13.5 . Not enough!

(E) must be our answer.

Let's verify: 56 - 7 = 49 = 8 payments and 8 * 2.25 = 16 + 2 = 18. Yes!

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