Last visit was: 26 Apr 2026, 11:38 It is currently 26 Apr 2026, 11:38
Home
Messages
Tests
Schools
Events
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.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel
Back to Forum
Create Topic
User avatar
Bunuel
User avatar
Math Expert
Joined: 02 Sep 2009
Last visit: 26 Apr 2026
Posts: 109,859
Own Kudos:
811,427
 [6]
Given Kudos: 105,897
Products:
GMAT Club Tests Forum Quiz
Expert
Expert reply
Active GMAT Club Expert! Tag them with @ followed by their username for a faster response.
Posts: 109,859
Kudos: 811,427
 [6]
The total amount that a certain bank loaned in 1998 was $47 million. 16 Aug 2016, 03:17
2
Kudos
Add Kudos
4
Bookmarks
Bookmark this Post
00:00
Start Timer
Pause Timer
Resume Timer
Show Answer
Hide
Show
History
C
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:

76% (01:02) correct 24% (00:59) wrong based on 464 sessions

History

Date
Time
Result
Not Attempted Yet
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.
ShowHide Answer
Official Answer
C
User avatar
msk0657
User avatar
Retired Moderator
Joined: 26 Nov 2012
Last visit: 14 Feb 2020
Posts: 455
Own Kudos:
569
Given Kudos: 46
Posts: 455
Kudos: 569
The total amount that a certain bank loaned in 1998 was $47 million. 16 Aug 2016, 04:21
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Bunuel
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.
Show more

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..
User avatar
acegmat123
User avatar
Joined: 28 Jun 2016
Last visit: 25 Oct 2021
Posts: 146
Own Kudos:
220
Given Kudos: 99
Location: Canada
Concentration: Operations, Entrepreneurship
Posts: 146
Kudos: 220
The total amount that a certain bank loaned in 1998 was $47 million. 16 Aug 2016, 04:51
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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
User avatar
BrentGMATPrepNow
User avatar
Major Poster
Joined: 12 Sep 2015
Last visit: 31 Oct 2025
Posts: 6,733
Own Kudos:
36,468
 [2]
Given Kudos: 799
Location: Canada
Expert
Expert reply
Posts: 6,733
Kudos: 36,468
 [2]
The total amount that a certain bank loaned in 1998 was $47 million. 16 Aug 2016, 07:56
2
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Bunuel
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.
Show more

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 =
Show Spoiler
C

RELATED VIDEO

Cheers,
Brent
User avatar
ashikaverma13
User avatar
Joined: 19 Aug 2016
Last visit: 24 Jan 2019
Posts: 123
Own Kudos:
373
Given Kudos: 59
Location: India
Schools: ISB '20 (WD) Schulich Sept 18 Intake (A) Rotman '20 (S)
GMAT 1: 640 Q47 V31
GPA: 3.82
Products:
My Reviews
Schools: ISB '20 (WD) Schulich Sept 18 Intake (A) Rotman '20 (S)
GMAT 1: 640 Q47 V31
Posts: 123
Kudos: 373
The total amount that a certain bank loaned in 1998 was $47 million. 10 Jul 2017, 16:25
Kudos
Add Kudos
Bookmarks
Bookmark this Post
msk0657
Bunuel
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..
Show more

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.
User avatar
KanishkM
User avatar
Joined: 09 Mar 2018
Last visit: 18 Dec 2021
Posts: 755
Own Kudos:
512
Given Kudos: 123
Location: India
Schools: DeGroote'21 Desautels '21 NUS '21
Schools: DeGroote'21 Desautels '21 NUS '21
Posts: 755
Kudos: 512
The total amount that a certain bank loaned in 1998 was $47 million. 25 Jan 2019, 20:37
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Bunuel
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.
Show more

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
User avatar
bumpbot
User avatar
Non-Human User
Joined: 09 Sep 2013
Last visit: 04 Jan 2021
Posts: 38,990
Own Kudos:
1,118
Posts: 38,990
Kudos: 1,118
The total amount that a certain bank loaned in 1998 was $47 million. 31 Jul 2023, 20:57
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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.
Moderators:
Bunuel
Math Expert
109859 posts
kingbucky
498 posts
Gmat860sanskar
212 posts