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Samuel borrowed $5,000 to help get his business started. He took out

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Samuel borrowed $5,000 to help get his business started. He took out  [#permalink]

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New post 22 Nov 2018, 00:13
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A
B
C
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E

Difficulty:

  25% (medium)

Question Stats:

86% (01:06) correct 14% (00:50) wrong based on 28 sessions

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Samuel borrowed $5,000 to help get his business started. He took out a 9-month loan with simple interest, based on an annual interest rate of 6%. What was the total amount Sam was required to pay back at the end of the loan period?

A. $5,054
B. $5,225
C. $5,300
D. $5,600
E. $5,750

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Re: Samuel borrowed $5,000 to help get his business started. He took out  [#permalink]

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New post 22 Nov 2018, 00:40
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Simple interest rate is 6% for 12 months. But Samuel would return the money in 9 months. So the interest rate would be \(\frac{9}{12}*6\)% => 4.5%

4.5% of $5000 = $225.

Samuel would return $5225 after 9 months.

OPTION: B
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Re: Samuel borrowed $5,000 to help get his business started. He took out  [#permalink]

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New post 22 Nov 2018, 00:44
Bunuel wrote:
Samuel borrowed $5,000 to help get his business started. He took out a 9-month loan with simple interest, based on an annual interest rate of 6%. What was the total amount Sam was required to pay back at the end of the loan period?

A. $5,054
B. $5,225
C. $5,300
D. $5,600
E. $5,750


5000*6*9/12/100= 225
5000+225= option B
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Re: Samuel borrowed $5,000 to help get his business started. He took out  [#permalink]

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New post 25 Nov 2018, 10:15
13 seconds -No need for calcutions here:

Read the question carefully once and look at the answer choices.

Questions says interest for 9 months so obviously the interest will be less that interest on 1 year.
Just calculate 6% of 5000 in mind. Once you get 300, eliminate every answer that has 300 and 300+ .

Now A and B remain. The interest is on 9 months which is close to 12 months so the interest will be slightly less than 300 .
Answer is B.

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Re: Samuel borrowed $5,000 to help get his business started. He took out &nbs [#permalink] 25 Nov 2018, 10:15
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