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# Reggie purchased a car costing $8,700. As a down payment he used a$2,

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Math Expert
Joined: 02 Sep 2009
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Reggie purchased a car costing $8,700. As a down payment he used a$2,  [#permalink]

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08 Oct 2018, 01:53
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Difficulty:

5% (low)

Question Stats:

98% (01:26) correct 2% (01:48) wrong based on 85 sessions

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Reggie purchased a car costing $8,700. As a down payment he used a$2,300 insurance settlement and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement. If he borrowed the rest of the money needed to purchase the car, how much did he borrow?

A. $6,400 B.$6,055

C. $5,440 D.$5,095

E. $3,360 _________________ Manager Joined: 24 Dec 2017 Posts: 175 Location: India Concentration: Strategy, Real Estate Schools: Johnson '21 Reggie purchased a car costing$8,700. As a down payment he used a $2, [#permalink] ### Show Tags Updated on: 08 Oct 2018, 04:41 Cost of the car = 8700 Payments: =>2300 (insurance settlement) =>15/100 x 6400 = 960 [8700 - 2300 = 6400] Remaining amount = 8700 - 3260 = 5440 Hence C Originally posted by ArjunJag1328 on 08 Oct 2018, 02:12. Last edited by ArjunJag1328 on 08 Oct 2018, 04:41, edited 1 time in total. Director Joined: 19 Oct 2013 Posts: 509 Location: Kuwait GPA: 3.2 WE: Engineering (Real Estate) Re: Reggie purchased a car costing$8,700. As a down payment he used a $2, [#permalink] ### Show Tags 08 Oct 2018, 02:12 Bunuel wrote: Reggie purchased a car costing$8,700. As a down payment he used a $2,300 insurance settlement and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement. If he borrowed the rest of the money needed to purchase the car, how much did he borrow? A.$6,400

B. $6,055 C.$5,440

D. $5,095 E.$3,360

8,700 - 2,300 = 6,400

15/100 * 6400 = 64*15 =960

6,400 - 960 = 5,440

This is also 6,400 * (85/100 = 64 * 85 = 5,440

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Director
Joined: 19 Oct 2013
Posts: 509
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)
Re: Reggie purchased a car costing $8,700. As a down payment he used a$2,  [#permalink]

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08 Oct 2018, 02:13
ArjunJag1328 wrote:
Cost of the car = 8700
Payments:
=>2300 (insurance settlement)
=>15/100 x 6400 = 960 [8700 - 2300 = 6400]

Remaining amount = 8700 - 3260 = 5440

Hence D

I think you meant C

Posted from my mobile device
Manager
Joined: 24 Dec 2017
Posts: 175
Location: India
Concentration: Strategy, Real Estate
Schools: Johnson '21
Re: Reggie purchased a car costing $8,700. As a down payment he used a$2,  [#permalink]

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08 Oct 2018, 04:40
Salsanousi wrote:
Bunuel wrote:
Reggie purchased a car costing $8,700. As a down payment he used a$2,300 insurance settlement and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement. If he borrowed the rest of the money needed to purchase the car, how much did he borrow?

A. $6,400 B.$6,055

C. $5,440 D.$5,095

E. $3,360 8,700 - 2,300 = 6,400 15/100 * 6400 = 64*15 =960 6,400 - 960 = 5,440 This is also 6,400 * (85/100 = 64 * 85 = 5,440 Answer choice C Posted from my mobile device Thank you :D Board of Directors Status: QA & VA Forum Moderator Joined: 11 Jun 2011 Posts: 4286 Location: India GPA: 3.5 WE: Business Development (Commercial Banking) Re: Reggie purchased a car costing$8,700. As a down payment he used a $2, [#permalink] ### Show Tags 08 Oct 2018, 08:46 Bunuel wrote: Reggie purchased a car costing$8,700. As a down payment he used a $2,300 insurance settlement and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement. If he borrowed the rest of the money needed to purchase the car, how much did he borrow? A.$6,400

B. $6,055 C.$5,440

D. $5,095 E.$3,360

$$8700 - {2300 + 15% ( 8700 - 2300 )}$$

$$= 8700 - ( 2300 + 960 )$$

= 5440 , Answer must be (C)
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Re: Reggie purchased a car costing $8,700. As a down payment he used a$2,  [#permalink]

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10 Oct 2018, 17:49
Bunuel wrote:
Reggie purchased a car costing $8,700. As a down payment he used a$2,300 insurance settlement and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement. If he borrowed the rest of the money needed to purchase the car, how much did he borrow?

A. $6,400 B.$6,055

C. $5,440 D.$5,095

E. $3,360 The difference between the cost of the car and the insurance settlement is: 8,700 - 2,300 =$6,400

Thus, the amount from his savings is 0.15 x 6,400 = $960. So he had to borrow 6,400 - 960 =$5,440 to pay for the remaining cost of the car.

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Re: Reggie purchased a car costing $8,700. As a down payment he used a$2,  [#permalink]

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30 Nov 2018, 14:33
Hi All,

We're told that Reggie purchased a car costing $8,700 and as a down payment he used a$2,300 insurance settlement and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement. He borrowed the rest of the money needed to purchase the car. We're asked how much Reggie borrowed. This is essentially an Arithmetic question.

The difference between the cost of the car and the insurance settlement = 8700 - 2300 = 6400
15% of 6400 = (.15)(6400) = (10% of 6400) + (5% of 6400) = 640 + 320 = 960

6400 - 960 = 5440 is what was left after the combined payment, meaning that Reggie had to borrow $5,440. Final Answer: GMAT assassins aren't born, they're made, Rich _________________ 760+: Learn What GMAT Assassins Do to Score at the Highest Levels Contact Rich at: Rich.C@empowergmat.com # Rich Cohen Co-Founder & GMAT Assassin Special Offer: Save$75 + GMAT Club Tests Free
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Re: Reggie purchased a car costing $8,700. As a down payment he used a$2, &nbs [#permalink] 30 Nov 2018, 14:33
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