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by chaitanya.mehrotra » Mon Jul 25, 2011 7:09 am
Sally has a gold credit card with a certain spending limit, and a platinum card with twice the spending limit of the gold card. Currently, she has a balance on her gold card that is 1/3 of the spending limit on that card, and she has a balance on her platinum card that is 1/5 of the spending limit on that card. If Sally transfers the entire balance on her gold card to her platinum card, what portion of her limit on the platinum card will remain unspent?
11/30
29/60
17/30
19/30
11/15

OA is [spoiler]19/30[/spoiler]
Last edited by chaitanya.mehrotra on Mon Jul 25, 2011 12:32 pm, edited 1 time in total.
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by Kay_LAL » Mon Jul 25, 2011 7:47 am
Assume that The gold card limit is L1.the platinum card limit is L2.
so the remaining on the gold card is 1/3 L1
the remaining on the platinum card is 1/5 L2
we've know that 1/2 L2=L1
so the equation is L2-(1/3L1+1/5L2)
solve the equation :L2-11/30L2
=19/30
im not quite sure.just my view
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by top_business_2011 » Mon Jul 25, 2011 9:18 am
Kay_LAL wrote:Assume that The gold card limit is L1.the platinum card limit is L2.
so the remaining on the gold card is 1/3 L1
the remaining on the platinum card is 1/5 L2
we've know that 1/2 L2=L1
so the equation is L2-(1/3L1+1/5L2)[Note that this is the remaining amount, so when you subtract the remaining from the total, you will have the used amount]
solve the equation :L2-11/30L2
=19/30[ The used amount, so the remaining amount is 11/30]
im not quite sure.just my view
Let's represent the spending limit for the gold card by G; so the spending limit for the platinum card equals 2G.
Since 1/3 of G is added onto 1/5 of 2G, we shall have 11G/15.
To get the proportion of the remaining balance, divide 11G/15 by 2G. The result would be 11/30.

Hence, the answer is A
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by winniethepooh » Mon Jul 25, 2011 10:07 am
You can simply put all the figures in the percents and pick the answer that matches with those values!
1/3 of gold card limit is 1/2 the platinum card limit; that is 1/6 or 16.67 %
1/5 of platinum card limit is 20 %

Total= 20% + 16.67% = 36.67 %

The only nearest answer is 11/30.

Hence, Option 1.
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by ECMoyano » Mon Jul 25, 2011 12:26 pm
YAMLAKSIRA wrote:
Kay_LAL wrote:Assume that The gold card limit is L1.the platinum card limit is L2.
so the remaining on the gold card is 1/3 L1
the remaining on the platinum card is 1/5 L2
we've know that 1/2 L2=L1
so the equation is L2-(1/3L1+1/5L2)[Note that this is the remaining amount, so when you subtract the remaining from the total, you will have the used amount]
solve the equation :L2-11/30L2
=19/30[ The used amount, so the remaining amount is 11/30]
im not quite sure.just my view
Let's represent the spending limit for the gold card by G; so the spending limit for the platinum card equals 2G.
Since 1/3 of G is added onto 1/5 of 2G, we shall have 11G/15.
To get the proportion of the remaining balance, divide 11G/15 by 2G. The result would be 11/30.

Hence, the answer is A
I tried filling in dollar amounts that had a common factor with all the fractions and tried from there. It's a strategy that I think is helpful.
I said the Gold Card has a limit of 1,500 dollars meaning the Platinum Card had a balance twice that making it 3,000.
If Sally has a balance of 1/3 on her Gold Card that means she has a 500 dollar balance. Subsequently, if Sally has a balance that is 1/5 on her Platinum card that means she has 600 dollars balance. If she transferred the 500 dollars over to the Platinum she would have 1,100 dollars balance (500+600) on her 3,000 Platinum Limit. 1100/3000 can only be simplified by 100s so its left as 11/30.

-ECM
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