Events & Promotions
|
|
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
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Apr 2512:30 AM EDT
-01:30 AM EDT
At one point, she believed GMAT wasn’t for her. After scoring 595, self-doubt crept in and she questioned her potential. But instead of quitting, she made the right strategic changes. The result? A remarkable comeback to 695. Check out how Saakshi did it.
Apr 2601:30 AM EDT
-02:30 AM EDT
Learn how Keshav, a Chartered Accountant, scored an impressive 705 on GMAT in just 30 days with GMATWhiz's expert guidance. In this video, he shares preparation tips and strategies that worked for him, including the mock, time management, and more.
Apr 2610:00 AM EDT
-11:00 AM EDT
The Target Test Prep course represents a quantum leap forward in GMAT preparation, a radical reinterpretation of the way that students should study. Try before you buy with a 5-day, full-access trial of the course for FREE!
Apr 2711:00 AM EDT
-12:00 PM EDT
Prefer video-based learning? The Target Test Prep OnDemand course is a one-of-a-kind video masterclass featuring 400 hours of lecture-style teaching by Scott Woodbury-Stewart, founder of Target Test Prep and one of the most accomplished GMAT instructors
Apr 2808:00 AM PDT
-11:00 AM PDT
Whether you are just beginning your MBA journey or fine-tuning your path to a 700+ score, GMAT Day is designed to give you a competitive edge.
May 0111:00 AM PDT
-12:00 PM PDT
Free- full-length test + 15 concept videos + 150+ short videos + study plan!
15 Oct 2021, 01:30
Kudos
Bookmarks
B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
70% (02:32) correct
30%
(02:34)
wrong
based on 166
sessions
History
Date
Time
Result
Not Attempted Yet
A moneylender lent $2000 to Ricky with the condition that Ricky will pay back 5 percent of this amount every half year. Till Ricky repaid the original loan amount (principal) completely, the moneylender charged an interest equal to 5 percent per quarter on the original loan amount. Ricky always made interest payments and principal repayments on time. (For example, at the end of the first quarter, Ricky paid the moneylender 5 percent of $2000 as interest and at the end of 6 months, Ricky paid the money lender 5 percent of $2000 as interest and 5 percent of $2000 as principal repayment). What was the total amount in dollars that Ricky paid to the moneylender?
(A) $4000
(B) $6000
(C) $7200
(D) $8000
(E) $11200
(A) $4000
(B) $6000
(C) $7200
(D) $8000
(E) $11200
26 Oct 2021, 04:52
Kudos
Bookmarks
Bunuel
So every half year principal \(\frac{5}{100}* 2000 = 100\)
Hence every year principal \(100 *2 = 200 \)
So to pay the entire amt. it would take \(\frac{2000}{200}= 10 \) yrs.
Lets calculate the interest he has to pay for those \(10\) yrs.
Per quarter interest is \(\frac{5}{100}* 2000 = 100\)
Hence yearly interest is \(100 *4 = 400\)
In \(10\) years total interest \(400 *10= 4000\)
Total amt. in \(10 \) yrs = principal + interest
\(2000 +4000 =6000\)
Ans=B
Hope it's clear.
Bunuel there is a typo in the question above, the highlighted portion has been repeated causing confusion.
19 Feb 2025, 14:52
Kudos
Bookmarks
Automated notice from GMAT Club BumpBot:
A member just gave Kudos to this thread, showing it’s still useful. I’ve bumped it to the top so more people can benefit. Feel free to add your own questions or solutions.
This post was generated automatically.
A member just gave Kudos to this thread, showing it’s still useful. I’ve bumped it to the top so more people can benefit. Feel free to add your own questions or solutions.
This post was generated automatically.
