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.

★★★★★5.0559 reviews
GMATLiveTeach Starts Oct 17
Chris Peckover, Target Test Prep GMAT expert
LIVE ONLINE CLASSES

Get Ready for GMAT Test Day Faster with Live Online Classes

with Chris Peckover, 100th-Percentile GMAT Scorer

Oct 17 · Chris Peckover
Sat · 11:00 AM to 2:00 PM ET
Oct 20 · Chris Peckover
Tue, Thu · 8:00 to 10:00 PM ET
Oct 25 · Josh Braslow
Sun · 1:00 to 4:00 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 559 reviewsTarget Test Prep

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

triple payment plan

Expert replies
Post new topic Post Reply
Previous Topic Next Topic
Newbie | Next Rank: 10 Posts
Posts: 3
Joined: Thu Jan 08, 2015 3:19 am
by Jay92 » Sat Apr 04, 2015 11:12 am
I found this question on the Gmatpill
"Marina is borrowing $10,930 from Peter under a special repayment plan. Starting from 12
months after the loan, Marina will repay $10 in the first month and each subsequent
month's repayment will be triple that of of the prior month's repayment. How many
months from the date she borrows will it take for Marina to repay her loan?"

(A)7
(B)13
(C)16
(D)17
(E)19

After lots of calculations I've answered A. But this is not correct.
How can I solve this in under two min. ?
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Source: — Problem Solving |
User avatar
Legendary Member
Posts: 2663
Joined: Wed Jan 14, 2015 8:25 amFollowed by: 128 members
Location: Boston, MA
Thanked: 1153 times
GMAT Score:770

by DavidG@VeritasPrep » Tue Apr 07, 2015 8:36 am
Marina is borrowing $10,930 from Peter under a special repayment plan. Starting from 12
months after the loan, Marina will repay $10 in the first month and each subsequent
month's repayment will be triple that of of the prior month's repayment. How many
months from the date she borrows will it take for Marina to repay her loan?"

(A)7
(B)13
(C)16
(D)17
(E)19
Use the answer choices and a bit of logic. Marina isn't going to start paying off the loan until 12 months have passed, so A is out.

B: Her payment at 13 months will be $10. Clearly not enough. This is out.

C: Her payment schedule:
month 13 --> $10
month 14 ---> $30
month 15 ---> $90
month 16 ---> $270

The above numbers will clearly not sum to anything close to 10,390, so C is out.


D: Her payment schedule:
month 13 --> $10
month 14 ---> $30
month 15 ---> $90
month 16 ---> $270
month 17---> $810
Again, the sum will not be close to 10,390, so D is out.

We're left with E, which is the answer.
Veritas Prep | GMAT Instructor

Veritas Prep Reviews
Save $100 off any live Veritas Prep GMAT Course
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY

GMAT/MBA Expert

User avatar
Elite Legendary Member
Posts: 10392
Joined: Sun Jun 23, 2013 6:38 pmFollowed by: 511 members
Location: Palo Alto, CA
Thanked: 2867 times
GMAT Score:800

by [email protected] » Tue Apr 07, 2015 11:43 am
Hi Jay92,

TESTing THE ANSWERS (David's approach) is a great way to tackle this problem. From a logical standpoint, there is another way to think about this though.

Since each payment is TRIPLE the payment that came before it, we're dealing with 'powers of 3'

eg.

1st payment = 10
2nd payment = (3^1)(10) = 30
3rd payment = (3^2)(10) = 90
Etc.

The LAST payment will be HUGE relative to all of the others, so we can focus on finding THAT payment (by counting the 'powers of 3' and multiplying by 10)

3^3 = 27
3^4 = 81
3^5 = 243
3^6 = 729 --> 7290 has got to be it (it's more than half of the $10,930 and the payment after this one would be too big).

This means that we have the first month ($10) and then 6 months of "triples" --> 7 months total AFTER the first 12 months have gone by. Total = 19 months.

Final Answer: E

GMAT assassins aren't born, they're made,
Rich
Contact Rich at [email protected]
Image
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Post new topic Post Reply
• Page 1 of 1