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17 Apr 2017, 23:26
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Difficulty:
45%
(medium)
Question Stats:
64% (01:45) correct
36%
(01:54)
wrong
based on 377
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Laura borrowed $240, interest free, from her parents to pay for her college education. If she pays back 5/2 percent of this amount quarterly, and has already paid $42.00, for how many months has she been paying back her loan?
(A) 6
(B) 7
(C) 19
(D) 21
(E) 24
(A) 6
(B) 7
(C) 19
(D) 21
(E) 24
Option D
Loan = 240$, Monthly payback = 5/2 % = 2.5% of 240$ = 2.5*240/100 = 6$
Amount paid = 42$
No. of paybacks = 42/6 = 7
Months = 7*3 =21 [PS: Paybacks are quarterly]
Loan = 240$, Monthly payback = 5/2 % = 2.5% of 240$ = 2.5*240/100 = 6$
Amount paid = 42$
No. of paybacks = 42/6 = 7
Months = 7*3 =21 [PS: Paybacks are quarterly]
17 Apr 2017, 23:42
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Laura borrowed 240 $
Interest - 5/2% = 5/200
240*5/200 = 6 $
She pays this amount per quarter i.e 3 months
Now amount paid - 42
42/6 = 7
so for 7 quarters she pays the amount 42 $
i.e 7*3 = 21
D
Interest - 5/2% = 5/200
240*5/200 = 6 $
She pays this amount per quarter i.e 3 months
Now amount paid - 42
42/6 = 7
so for 7 quarters she pays the amount 42 $
i.e 7*3 = 21
D
