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The manager of a small business took out two one-year loans, each for 29 Nov 2018, 01:15
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85% (hard)

Question Stats:

55% (03:14) correct 45% (03:14) wrong based on 120 sessions

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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
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B
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The manager of a small business took out two one-year loans, each for Updated on: 30 Nov 2018, 12:05
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.
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Bunuel
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
Show more


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
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The manager of a small business took out two one-year loans, each for 29 Nov 2018, 09:28
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Archit3110
Bunuel
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
Show more

It is asked for ten months so, R= 25200*6*10/100*12
R=1260
1260 +25200=26460==> Option B
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The manager of a small business took out two one-year loans, each for 30 Nov 2018, 12:03
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Ypaychotic
Archit3110
Bunuel
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
Show more

Ypaychotic : silly error I did.. :dazed .. thanks done the correction..
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The manager of a small business took out two one-year loans, each for 13 Mar 2020, 04:42
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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?



9 months are 3/4 of the year, so in this time frame a 5% annual interest yields = (3/4)*5% = 3.75%
If the principal were 100, after 9 months we would get 103.75.

10 months are 5/6 of the year, so in this time frame a 6% annual interest yields = (5/6)*6% = 5%
If the principal were 100, after 10 months we would get 105.

difference between 103.75 and 105 is 1.25, roughly 1.2% of 103.5.

Therefore, adding 1.2% to $26,145 we get our answer.

1% of $26,145 is roughly $260.
0.2% of $26,145 is roughly $52 (calculated as $260/5).
1.2% of $26,145 is roughly $312.

$26,145+$312=$26,457

Indeed, the correct answer is B
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The manager of a small business took out two one-year loans, each for 09 Nov 2020, 05:12
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what is the source ??
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The manager of a small business took out two one-year loans, each for 07 Oct 2023, 02:20
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