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06 Mar 2019, 01:48
Kudos
Bookmarks
D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
75%
(hard)
Question Stats:
55% (02:04) correct
45%
(02:09)
wrong
based on 196
sessions
History
Date
Time
Result
Not Attempted Yet
Johnson signed a consignment and needed to borrow $500 at no interest. It was stated in the consignment that he must pay back 1.5% of the total amount every week, beginning exactly 7 days after the loan was disbursed, and has thus paid back $60, with the most recent payment made today, how many days ago did he borrow the money?
A) 6
B) 12
C) 49
D) 56
E) 64
A) 6
B) 12
C) 49
D) 56
E) 64
06 Mar 2019, 02:43
Kudos
Bookmarks
IMO D
He has to pay 1,5% every week. So each payment will be: 500(1,5%) = 7,5$
He've already paid 60. We want to know how many payments he did.
7,5(x) = 60
x= 8
8(payments)*7(days)= 56
So i borrowed the money 56 days ago
He has to pay 1,5% every week. So each payment will be: 500(1,5%) = 7,5$
He've already paid 60. We want to know how many payments he did.
7,5(x) = 60
x= 8
8(payments)*7(days)= 56
So i borrowed the money 56 days ago
08 Apr 2019, 20:51
Kudos
Bookmarks
Hi,
I don't quite get OA.
This is my solution. Please correct me.
Amount he has to pay back each week = $500 * 1.5% = $7.5
Total week he must pay back = 60/7.5 = 8 weeks = 56 days
Since the payback amount begins exactly 7 days after the loan was disbursed, he borrowed on: 56+7+1 = 64 days ago
I don't quite get OA.
This is my solution. Please correct me.
Amount he has to pay back each week = $500 * 1.5% = $7.5
Total week he must pay back = 60/7.5 = 8 weeks = 56 days
Since the payback amount begins exactly 7 days after the loan was disbursed, he borrowed on: 56+7+1 = 64 days ago
