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

Redeem
TTP OnDemand GMAT Video Course
Featured Course

Target Test Prep GMAT OnDemand

Scott Woodbury-Stewart’s private virtual classroom — 400 hours of master-class video lessons for the GMAT Focus Edition.

  • 715+ score guarantee — highest in the industry (99th percentile)
  • 52 chapters · 1,500+ lessons · 4,000+ practice questions
  • 400 hours of video · 1,500+ instructor-led HD smartboard lessons
  • 300,000+ students accepted to Harvard, Stanford, Wharton, Booth & Sloan & more
  • 24/7 live support + weekly Zoom office hours with GMAT instructors
  • TTP AI Assist — 24/7 AI-powered virtual tutor for instant help
  • 1,200+ flashcards + AI-powered study assistant & daily calendar
  • OnDemand, LiveTeach & GMAT Bootcamp formats available
  • Also: GRE, SAT Math & Executive Assessment courses
  • MBA Admissions Consulting now available
  • 🏆 2025 EdTech Breakthrough Award: Test Prep Solution Provider of the Year
  • 200,000+ students served
  • 5-day free trial — $0 to start, no auto-billing, cancel anytime
★★★★★ 5.0 (559 reviews)
130-pt guarantee
$0 to start then $127/mo
Start Free 5-Day Trial Read 559 Reviews →

PS 1000-Section 3 #16

Expert replies
Post new topic Post Reply
Previous Topic Next Topic
Junior | Next Rank: 30 Posts
Posts: 11
Joined: Sat Feb 24, 2007 12:00 pm
Location: Stillwater, Oklahoma, USA
by lavanya_25 » Mon May 07, 2007 11:03 am
Hi,

I need help with this problem......

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%

Thanks!
Lavanya
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Source: — Problem Solving |
User avatar
Community Manager
Posts: 789
Joined: Sun Jan 28, 2007 3:51 pmFollowed by: 1 member
Location: Silicon valley, California
Thanked: 30 times

Re: PS 1000-Section 3 #16

by jayhawk2001 » Mon May 07, 2007 7:31 pm
lavanya_25 wrote:Hi,

I need help with this problem......

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?
Interest = 23*16 + 9 + 75 - 400 = 52

Amt borrowed = 400-75=325

percent = 52/325*100 = 16%
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Legendary Member
Posts: 559
Joined: Tue Mar 27, 2007 1:29 amFollowed by: 2 members
Thanked: 5 times

by Cybermusings » Tue May 08, 2007 2:17 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%

Amount paid in instalments = 400 - 75 = 325
Total amount paid back = 16*23 + 9 = 377
Interest paid = 377 - 325 = 52
So % = 52/325 * 100 = 16%
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Post new topic Post Reply
• Page 1 of 1