BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem

Target Test Prep · GMAT

Choose how you want to prepare

Learn live with an expert or move at your own pace. Every option includes the complete TTP study system.

★★★★★5.0563 reviews
Newsweek Readers’ Choice Awards 2026 winner: Target Test Prep, #1 Test Prep
NEWSWEEK READERS’ CHOICE AWARDS 2026

Target Test Prep was voted #1 Best Test Prep in the 2026 Newsweek Readers’ Choice™ Awards.

GMATLiveTeach Starts Oct 25
Josh Braslow, Target Test Prep GMAT expert
LIVE ONLINE CLASSES

Get Ready for GMAT Test Day Faster with Live Online Classes

with Josh Braslow, 20+ years in test prep

Oct 25 · Josh Braslow
Sun · 1:00 to 4:00 PM ET
Nov 8 · Josh Braslow
Sun · 9:30 AM to 12:30 PM ET
Included
40 hours of live online classes + 6 months of TTP OnDemand
  • Attend the first class for free
  • Every class is recorded, so you never fall behind
View classes & enroll
Limited seats availableTarget Test Prep
EALiveTeachOnDemand 5 seats left Start anytime
EXECUTIVE ASSESSMENT

Target Test Prep EA OnDemand

Self-paced EA prep. Study on your schedule.

Logan Thompson
EXECUTIVE ASSESSMENT

Sep 6 to Dec 6, 2026

with Logan Thompson

165+ EA score guarantee
$05-day trial no automatic billing
Schedule
Sun · 9:30 AM to 12:30 PM ET
Included
40 hours of live online classes plus six months of access to the complete TTP EA OnDemand course.
  • 165+ EA Score Guarantee
  • 4,100+ Quant, Verbal, and Integrated Reasoning practice questions
  • 400+ hours of in-depth video lessons
  • 3,000+ step-by-step video solutions
View EA class & enroll Start free 5-day trial
Limited cohort · enrollment openTrial includes full course accessTarget Test Prep
GMATOnDemand Start anytime
SELF-PACED MASTERCLASS

Target Test Prep GMAT OnDemand

Complete access from day one. Study on your schedule.

715+ score guarantee
$0to start then $127/mo
  • Personalized study plan and analytics
  • Thousands of lessons and practice questions
Start free 5-day trial
Read 563 reviewsTarget Test Prep

Compare the format, schedule, and included access before enrolling. Prices and seat counts shown reflect the supplied offer details.

Downpayment - PS

Expert replies
Post new topic Post Reply
Subscribe topic
Previous Topic Next Topic
User avatar
Legendary Member
Posts: 1665
Joined: Thu Nov 03, 2011 7:04 pmFollowed by: 70 members
Thanked: 165 times
by karthikpandian19 » Mon Dec 19, 2011 1:16 am
A family made a down payment of $75
and borrowed the balance on a set of
encyclopedias that cost $400. The
balance with interest was paid in 23
monthly payments of $16 each and a
final payment of $9. The amount of
interest paid was what percent of the
amount borrowed?
(A) 6%
(B) 12%
(C) 14%
(D) 16%
(E) 20%
Top
Join the discussion
Source: — Problem Solving |

GMAT/MBA Expert

User avatar
GMAT Instructor
Posts: 3835
Joined: Fri Apr 02, 2010 10:00 pmFollowed by: 523 members
Location: Milpitas, CA
Thanked: 1854 times
GMAT Score:770

by Anurag@Gurome » Mon Dec 19, 2011 1:34 am
karthikpandian19 wrote:A family made a down payment of $75 and borrowed the balance on a set of
encyclopedias that cost $400. The balance with interest was paid in 23 monthly payments of $16 each and a final payment of $9. The amount of interest paid was what percent of the amount borrowed?
(A) 6%
(B) 12%
(C) 14%
(D) 16%
(E) 20%
Total amount borrowed = $400 - $75 = $325
Balance paid with interest = (23 * 16) + 9 = $377
Therefore, total interest paid = $377 - $325 = $52

Hence, required percentage = (52/325) * 100 = [spoiler]16%[/spoiler]

The correct answer is D.
Anurag Mairal, Ph.D., MBA
GMAT Expert, Admissions and Career Guidance
Gurome, Inc.
1-800-566-4043 (USA)

Join Our Facebook Groups
GMAT with Gurome
https://www.facebook.com/groups/272466352793633/
Admissions with Gurome
https://www.facebook.com/groups/461459690536574/
Career Advising with Gurome
https://www.facebook.com/groups/360435787349781/
Top
Join the discussion
Senior | Next Rank: 100 Posts
Posts: 49
Joined: Thu Feb 17, 2011 1:36 amFollowed by: 2 members
Thanked: 8 times

by ankush123251 » Mon Dec 19, 2011 1:45 am
Perfect...
Answer is 16 % which u can calculate as above.
Top
Join the discussion
User avatar
Legendary Member
Posts: 1665
Joined: Thu Nov 03, 2011 7:04 pmFollowed by: 70 members
Thanked: 165 times

by karthikpandian19 » Tue Dec 27, 2011 10:00 pm
OA is D
Top
Join the discussion