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Interest

by MBA.Aspirant » Sun Jun 26, 2011 10:13 am
A man gets interest for taking a loan from the bank. He takes 30,000 dollar as loan. For the first month the interest rate is 'd' for every $1000 and for the rest of the month interest rate is 'n' per month. What's the interest for the first 4 months?

is this d+3n? I don't understand the wording here: "For the first month the interest rate is 'd' for every $1000"

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by pemdas » Sun Jun 26, 2011 10:42 am
what's the source of this problem? I suppose a man pays not gets interest for taking a loan from the bank. This question has either been rephrased by you or is not accurate. Many aspirants like yourself will be misled by this q. For example it says, for the first month and then says for the rest of the month

However, if I am not mistaken and the man pays interest, the first month interest rate is d per month, while the other months' interest rate is n per month. Hence, the four months' interest must be (d+3n)/4 per month if we assume simple interest rate, i.e. flat rate. If we are restricted with compounded rate condition, then it's different answer.

In any case, this q. is **** - my opinion, as it gives no seeming benefit (sorry)
MBA.Aspirant wrote:A man gets interest for taking a loan from the bank. He takes 30,000 dollar as loan. For the first month the interest rate is 'd' for every $1000 and for the rest of the month interest rate is 'n' per month. What's the interest for the first 4 months?

is this d+3n? I don't understand the wording here: "For the first month the interest rate is 'd' for every $1000"

Thanks
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by MBA.Aspirant » Sun Jun 26, 2011 11:20 am
I think the answer is in your middle paragraph. That's how I interpret it as well.

The source is this: https://www.urch.com/forums/gre-math/133 ... -math.html
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by pemdas » Sun Jun 26, 2011 11:27 am
why would you post GRE content here? are you taking GMAT?
MBA.Aspirant wrote:I think the answer is in your middle paragraph. That's how I interpret it as well.

The source is this: https://www.urch.com/forums/gre-math/133 ... -math.html
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