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Samuel obtained a $14,000 car loan at a simple annual i
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04 Sep 2020, 10:36
04 Sep 2020, 10:36
Expert Reply
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Question Stats:
95% (00:52) correct
4% (01:27) wrong based on 48 sessions
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Samuel obtained a $14,000 car loan at a simple annual interest rate of r percent. After one year, Samuel made a single payment of $16,240 to repay the loan, including the interest. What is the value of r?
A. 8
B. 10.4
C. 14.3
D. 16
E. 18.8
A. 8
B. 10.4
C. 14.3
D. 16
E. 18.8
Re: Samuel obtained a $14,000 car loan at a simple annual i
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04 Sep 2020, 10:37
04 Sep 2020, 10:37
Expert Reply
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
For more theory and practice see our GRE - Math Book
Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
For more theory and practice see our GRE - Math Book
Re: Samuel obtained a $14,000 car loan at a simple annual i
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13 Sep 2020, 02:46
13 Sep 2020, 02:46
1
interest = P*T*R/100
= 14000*1*r/100
= 140r
so 14000+140r=16240
140r=2240
r=16
answer D is correct
"if you like the explanation please press kudos please"
= 14000*1*r/100
= 140r
so 14000+140r=16240
140r=2240
r=16
answer D is correct
"if you like the explanation please press kudos please"
