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# The manager of a small business took out two one-year loans, each for

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Joined: 02 Sep 2009
Posts: 55802
The manager of a small business took out two one-year loans, each for  [#permalink]

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29 Nov 2018, 01:15
00:00

Difficulty:

65% (hard)

Question Stats:

44% (02:51) correct 56% (03:21) wrong based on 22 sessions

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The manager of a small business took out two one-year loans, each for the same principal amount, to be repaid with interest at the end of the year. Loan S had a simple annual interest rate of 5 percent, and loan R had a simple annual interest rate of 6 percent. If the amount owed for loan S at the end of 9 months was \$26,145, what was the amount owed for loan R at the end of 10 months?

A. \$26,394
B. \$26,460
C. \$29,050
D. \$29,255
E. \$31,374

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The manager of a small business took out two one-year loans, each for  [#permalink]

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Updated on: 30 Nov 2018, 12:05
Bunuel wrote:
The manager of a small business took out two one-year loans, each for the same principal amount, to be repaid with interest at the end of the year. Loan S had a simple annual interest rate of 5 percent, and loan R had a simple annual interest rate of 6 percent. If the amount owed for loan S at the end of 9 months was \$26,145, what was the amount owed for loan R at the end of 10 months?

A. \$26,394
B. \$26,460
C. \$29,050
D. \$29,255
E. \$31,374

This was a very calculation intesive question:

for S

26145-P= P*5*9/100*12
P= 25200

R= 25200*6*10/100*12
R= 1260
1260+ 25200 = 26460 option B
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Originally posted by Archit3110 on 29 Nov 2018, 04:36.
Last edited by Archit3110 on 30 Nov 2018, 12:05, edited 1 time in total.
Manager
Joined: 24 Nov 2018
Posts: 109
Location: India
GPA: 3.27
WE: General Management (Retail Banking)
Re: The manager of a small business took out two one-year loans, each for  [#permalink]

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29 Nov 2018, 09:28
Archit3110 wrote:
Bunuel wrote:
The manager of a small business took out two one-year loans, each for the same principal amount, to be repaid with interest at the end of the year. Loan S had a simple annual interest rate of 5 percent, and loan R had a simple annual interest rate of 6 percent. If the amount owed for loan S at the end of 9 months was \$26,145, what was the amount owed for loan R at the end of 10 months?

A. \$26,394
B. \$26,460
C. \$29,050
D. \$29,255
E. \$31,374

This was a very calculation intesive question:

for S

26145-P= P*5*9/100*12
P= 25200

R= 25200*6*9/100*12
R= 1134
1134 + 25200 = ~ 26334 IMO A

It is asked for ten months so, R= 25200*6*10/100*12
R=1260
1260 +25200=26460==> Option B
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Re: The manager of a small business took out two one-year loans, each for  [#permalink]

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30 Nov 2018, 12:03
Ypaychotic wrote:
Archit3110 wrote:
Bunuel wrote:
The manager of a small business took out two one-year loans, each for the same principal amount, to be repaid with interest at the end of the year. Loan S had a simple annual interest rate of 5 percent, and loan R had a simple annual interest rate of 6 percent. If the amount owed for loan S at the end of 9 months was \$26,145, what was the amount owed for loan R at the end of 10 months?

A. \$26,394
B. \$26,460
C. \$29,050
D. \$29,255
E. \$31,374

This was a very calculation intesive question:

for S

26145-P= P*5*9/100*12
P= 25200

R= 25200*6*9/100*12
R= 1134
1134 + 25200 = ~ 26334 IMO A

It is asked for ten months so, R= 25200*6*10/100*12
R=1260
1260 +25200=26460==> Option B

Ypaychotic : silly error I did.. .. thanks done the correction..
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Re: The manager of a small business took out two one-year loans, each for   [#permalink] 30 Nov 2018, 12:03
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# The manager of a small business took out two one-year loans, each for

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