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

It is currently 20 Feb 2019, 08:17

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
Events & Promotions in February
PrevNext
SuMoTuWeThFrSa
272829303112
3456789
10111213141516
17181920212223
242526272812
Open Detailed Calendar
  • Free GMAT Prep Hour

     February 20, 2019

     February 20, 2019

     08:00 PM EST

     09:00 PM EST

    Strategies and techniques for approaching featured GMAT topics. Wednesday, February 20th at 8 PM EST
  • Online GMAT boot camp for FREE

     February 21, 2019

     February 21, 2019

     10:00 PM PST

     11:00 PM PST

    Kick off your 2019 GMAT prep with a free 7-day boot camp that includes free online lessons, webinars, and a full GMAT course access. Limited for the first 99 registrants! Feb. 21st until the 27th.

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

  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: 53020
The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

Show Tags

New post 16 Aug 2016, 02:17
1
1
00:00
A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

71% (01:00) correct 29% (01:00) wrong based on 254 sessions

HideShow timer Statistics

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.

_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Retired Moderator
avatar
G
Joined: 26 Nov 2012
Posts: 592
Premium Member
The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

Show Tags

New post 16 Aug 2016, 03:21
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..
Manager
Manager
avatar
Joined: 28 Jun 2016
Posts: 207
Location: Canada
Concentration: Operations, Entrepreneurship
Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

Show Tags

New post 16 Aug 2016, 03:51
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


Sent from my iPhone using GMAT Club Forum mobile app
CEO
CEO
User avatar
D
Joined: 11 Sep 2015
Posts: 3438
Location: Canada
Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

Show Tags

New post 16 Aug 2016, 06:56
Top Contributor
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 =

RELATED VIDEO


Cheers,
Brent
_________________

Test confidently with gmatprepnow.com
Image

Current Student
avatar
G
Joined: 19 Aug 2016
Posts: 149
Location: India
GMAT 1: 640 Q47 V31
GPA: 3.82
Reviews Badge
Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

Show Tags

New post 10 Jul 2017, 15:25
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.
_________________

Consider giving me Kudos if you find my posts useful, challenging and helpful!

VP
VP
avatar
G
Joined: 09 Mar 2018
Posts: 1001
Location: India
Re: The total amount that a certain bank loaned in 1998 was $47 million.  [#permalink]

Show Tags

New post 25 Jan 2019, 19:37
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
_________________

If you notice any discrepancy in my reasoning, please let me know. Lets improve together.

Quote which i can relate to.
Many of life's failures happen with people who do not realize how close they were to success when they gave up.

GMAT Club Bot
Re: The total amount that a certain bank loaned in 1998 was $47 million.   [#permalink] 25 Jan 2019, 19:37
Display posts from previous: Sort by

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

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


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

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

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.