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The total amount that a certain bank loaned in 1998 was $47 million.

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The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

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New post 16 Aug 2016, 03:17
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The total amount that a certain bank loaned in 1998 was $47 million. How many dollars did the bank loan in June of 1998 for car loans?

(1) 18 percent of the amount that the bank loaned in June of 1998 was for car loans.
(2) 8 percent of the total amount that the bank loaned in 1998 was loaned in June.

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The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

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New post 16 Aug 2016, 04:21
Bunuel wrote:
The total amount that a certain bank loaned in 1998 was $47 million. How many dollars did the bank loan in June of 1998 for car loans?

(1) 18 percent of the amount that the bank loaned in June of 1998 was for car loans.
(2) 8 percent of the total amount that the bank loaned in 1998 was loaned in June.


Total amount loaned in 1998 was $47 million...and many dollars did the bank loan in June of 1998 for car loans?

There are two things that we need to get, the different kinds of loans such as car loans, personal loans, housing loans, etc and
the amount of money that was loaned in monthly wise exclusively for some loan.

Stat 1: 18% (47) for car loans - Sufficient.

Stat 2: Here we are not sure specifically how much amount loaned to cars..We have information about full amount in June.. Insufficient..

IMO option A is correct..

OA please...will correct if I missed anything..
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Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

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New post 16 Aug 2016, 04:51
St 1: It says 18% of loan given in june. we don't know how much the bank loaned in June.
Insufficient

St2:8% of 47 million was loaned in June. We don't know about car loans.
Insufficient

St1&2: car loan in June =0.18*0.08*47
Sufficient

IMO C


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Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

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New post 16 Aug 2016, 07:56
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Bunuel wrote:
The total amount that a certain bank loaned in 1998 was $47 million. How many dollars did the bank loan in June of 1998 for car loans?

(1) 18 percent of the amount that the bank loaned in June of 1998 was for car loans.
(2) 8 percent of the total amount that the bank loaned in 1998 was loaned in June.


Target question: How many dollars did the bank loan in June of 1998 for car loans?

Given: The TOTAL amount (for the year) the bank loaned in 1998 was $47 million.

Statement 1: 18 percent of the amount that the bank loaned in June of 1998 was for car loans
We aren't told how much the bank loaned in JUNE.
So, statement 1 is NOT SUFFICIENT

Statement 2: 8 percent of the total amount that the bank loaned in 1998 was loaned in June
We could calculate 8% of $47 million, but this won't help us answer answer the target question, since this would only tell us the TOTAL amount of money that was loaned in June, and we want to know how much money the bank loaned for CAR loans
So, statement 2 is NOT SUFFICIENT

Statements 1 and 2 combined
Statement 2 tells us that the TOTAL amount of money that was loaned in June = 8% of $47 million
Statement 1 tells us that the amount of money the bank loaned for CAR loans = 18% of (8% of $47 million)
Since we COULD make this calculation, we COULD answer the target question with certainty.
So, the combined statements are SUFFICIENT

Answer =

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Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

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New post 10 Jul 2017, 16:25
msk0657 wrote:
Bunuel wrote:
The total amount that a certain bank loaned in 1998 was $47 million. How many dollars did the bank loan in June of 1998 for car loans?

(1) 18 percent of the amount that the bank loaned in June of 1998 was for car loans.
(2) 8 percent of the total amount that the bank loaned in 1998 was loaned in June.


Total amount loaned in 1998 was $47 million...and many dollars did the bank loan in June of 1998 for car loans?

There are two things that we need to get, the different kinds of loans such as car loans, personal loans, housing loans, etc and
the amount of money that was loaned in monthly wise exclusively for some loan.

Stat 1: 18% (47) for car loans - Sufficient.

Stat 2: Here we are not sure specifically how much amount loaned to cars..We have information about full amount in June.. Insufficient..

IMO option A is correct..

OA please...will correct if I missed anything..


Hi,

I would like to point out that 18% mentioned in statement 1 is not 18% of the entire 47 million but 18% of the amount loaned in june, which we still do not know.

Therefore, the answer is C. we need both the amount loaned in June and percentage of the amount loaned in june towards car loans.

Hope this is clear.
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Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

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New post 25 Jan 2019, 20:37
Bunuel wrote:
The total amount that a certain bank loaned in 1998 was $47 million. How many dollars did the bank loan in June of 1998 for car loans?

(1) 18 percent of the amount that the bank loaned in June of 1998 was for car loans.
(2) 8 percent of the total amount that the bank loaned in 1998 was loaned in June.


So Question is How many dollars did the bank loan in June of 1998

Statement 1
18 percent of the amount that the bank loaned in June of 1998 was for car loans.

We dont have that amount here

Statement 2
8 percent of the total amount that the bank loaned in 1998 was loaned in June

Here we dont know what was the % for car loans

From C, we get both the things.

C
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Re: The total amount that a certain bank loaned in 1998 was $47 million.   [#permalink] 25 Jan 2019, 20:37
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