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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
The OA is D.
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. Option D.
Has anyone another strategic approach to solve this PS question? Regards!
A. 6
B. 7
C. 19
D. 21
E. 24
The OA is D.
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. Option D.
Has anyone another strategic approach to solve this PS question? Regards!
