GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 26 Jun 2019, 03:23

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

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

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

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

Show Tags

New post 29 Nov 2018, 01:15
00:00
A
B
C
D
E

Difficulty:

  65% (hard)

Question Stats:

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

HideShow timer Statistics


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

_________________
CEO
CEO
User avatar
P
Joined: 18 Aug 2017
Posts: 3935
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)
GMAT ToolKit User Premium Member CAT Tests
The manager of a small business took out two one-year loans, each for  [#permalink]

Show Tags

New post 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
_________________
If you liked my solution then please give Kudos. Kudos encourage active discussions.

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
Manager
avatar
S
Joined: 24 Nov 2018
Posts: 109
Location: India
GPA: 3.27
WE: General Management (Retail Banking)
Premium Member
Re: The manager of a small business took out two one-year loans, each for  [#permalink]

Show Tags

New post 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
_________________
Kudos encourage discussions. Share it to amplify collective education!
CEO
CEO
User avatar
P
Joined: 18 Aug 2017
Posts: 3935
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)
GMAT ToolKit User Premium Member CAT Tests
Re: The manager of a small business took out two one-year loans, each for  [#permalink]

Show Tags

New post 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.. :dazed .. thanks done the correction..
_________________
If you liked my solution then please give Kudos. Kudos encourage active discussions.
GMAT Club Bot
Re: The manager of a small business took out two one-year loans, each for   [#permalink] 30 Nov 2018, 12:03
Display posts from previous: Sort by

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

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne