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QOTD#25 The price of Mabel’s car, not including interest, is

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sandy
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QOTD#25 The price of Mabel’s car, not including interest, is [#permalink] New post   30 Apr 2017, 14:19
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The price of Mabel’s car, not including interest, is 12 percent more than the price of Rose’s car. Combined, Mabel and Rose’s cars cost $53,000. If Mabel’s car loan interest rate was 5.20 percent, what was the total cost of Mabel’s car, including interest?


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29,456
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Re: QOTD#25 The price of Mabel’s car, not including interest, is [#permalink] New post   04 May 2017, 01:30
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Explanation

First set up the first part of the question to calculate Mabel’s car cost without interest.

Let Mabel = m and Rose = r.

So, 1.12r = m and r + m = 53,000.

Substitute: Since r + 1.12r = 53,000, then 2.12r = 53,000.

Solve: r = 25,000 and m = 28,000.

Now, you can multiply m by the interest rate. (28,000)(.052) = 1,456 of interest.

Add it to the price of the car to get \(28,000 + 1,456 = 29,456\).

Hence 29,456 is the correct answer.
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Re: QOTD#25 The price of Mabels car, not including interest, is [#permalink] New post   04 Nov 2022, 08:07
Hello from the GRE Prep Club BumpBot!

Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: QOTD#25 The price of Mabels car, not including interest, is [#permalink]
04 Nov 2022, 08:07
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