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25 Jul 2018, 00:44
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D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
(low)
Question Stats:
83% (02:00) correct
17%
(01:47)
wrong
based on 93
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A loan has a variable interest rate that fluctuates between 5% and 9% of the base payment per month. If base payments remain at $250 each month and an additional monthly surcharge of 1% is added to the combined (base + interest), what would be the greatest possible payment due in any given month?
A. $262.50
B. $265.13
C. $272.50
D. $275.23
E. $286.13
A. $262.50
B. $265.13
C. $272.50
D. $275.23
E. $286.13
25 Jul 2018, 01:23
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Bunuel
so we take the MAX values..
so BASE payment = 250 and interest rate = 9%
so 250*1.09 but 1% on top = \(250*1.09*1.01\)
since you are looking at slight dispersed choices, we can approximate and find answer
9% ~ 10% so 10% of 250 = \(250*\frac{10}{100}=25\)
so slightly less than 275 add 1% to it so \(275+2.75 = 277.75\)
so our answer has to be closer and < 277
only D is left
jch103020
Joined: 10 Feb 2018
Last visit: 28 Oct 2020
Posts: 17
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Location: United States (TX)
Schools: McCombs '21 (WA) HBS '22 (S) Kellogg '22 (II)
GMAT 1: 700 Q40 V44
GPA: 3.58
WE:Project Management (Computer Software)
25 Jul 2018, 19:25
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Bunuel
Can someone explain this one to me using a different method or point out the error in my thinking?
Use max value of 9% interest to calculate base and then add 1% interest to that value
Base payment + Base interest + Additional interest = Total
250 + .09(250) + (.01(.09(250)) =250 + 22.5 + .225 = 272.725
