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07 Sep 2021, 04:05
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Difficulty:
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Question Stats:
71% (01:46) correct
29%
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wrong
based on 134
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A $240 interest-free loan is to be paid back in equal monthly payments. If a total of 2.5% percent of the original amount of the loan is paid back semi-annually, then how many months will it take to pay back $21.00 ?
A. 6
B. 7
C. 18
D. 21
E. 24
A. 6
B. 7
C. 18
D. 21
E. 24
Updated on: 08 Sep 2021, 14:06
Originally posted by Studyeastcoast on 08 Sep 2021, 11:44.
Last edited by Studyeastcoast on 08 Sep 2021, 14:06, edited 1 time in total.
Last edited by Studyeastcoast on 08 Sep 2021, 14:06, edited 1 time in total.
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[Corrected by Foreheadson; the payments can only be made in 6 month intervals. Thanks Foreheadson! 
]
The interest free loan in the amount of $240 is to be paid back in semi-annual payments (ie. - twice a year) of 2.5%.
2.5% = 25/1000 x 240 = (25 x 24)/100 = (5 x 5 x 2 x 2 x 2 x 3)/100 = (10 x 10 x 6)/100 = 600/100 = $6
$6 every 6 months
Minimum number of months to pay back $21...$21/$6/6 month interval = 3.5 "6 month" intervals
Or 4 complete 6 month intervals = 4 x 6 = 24 months
Answer E
]The interest free loan in the amount of $240 is to be paid back in semi-annual payments (ie. - twice a year) of 2.5%.
2.5% = 25/1000 x 240 = (25 x 24)/100 = (5 x 5 x 2 x 2 x 2 x 3)/100 = (10 x 10 x 6)/100 = 600/100 = $6
$6 every 6 months
Minimum number of months to pay back $21...$21/$6/6 month interval = 3.5 "6 month" intervals
Or 4 complete 6 month intervals = 4 x 6 = 24 months
Answer E
Foreheadson
Joined: 22 Jun 2020
Last visit: 24 Sep 2022
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Location: Georgia
Concentration: Finance, General Management
Schools: Booth '25 (WL) Darden '25
GMAT 1: 720 Q51 V38
GPA: 3.71
08 Sep 2021, 13:41
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Studyeastcoast
I think there is a trick. the question says the payment is done twice a year. so it must be multiple of 6. so it must be greater or equal to 21, which is E.
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