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

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

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New post 08 Oct 2018, 01:53
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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

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

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New post Updated on: 08 Oct 2018, 04:41
1
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.
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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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New post 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

Answer choice 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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New post 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

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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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New post 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

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Thank you :D
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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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New post 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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New post 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.

Answer: 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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New post 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.

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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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Re: Reggie purchased a car costing $8,700. As a down payment he used a $2,   [#permalink] 29 May 2020, 05:51

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

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