All GMAT Math Resources
Example Questions
Example Question #101 : Problem Solving Questions
A store is offering a discount on clothing purchases made today. It is giving a 10% discount on purchases that total $50.00 to $99.99, a 20% discount on purchases totalling $100.00 to $199.99, and a 30% discount on purchases totaling $200.00 or more. The discount applies only to clothing items; no other items are discounted today.
Paris decides to purchase the following: Two bottles of perfume, one for $32 and one for $42; one handbag for $128; and one dress for $89. Disregarding tax, how much will she pay for these items?
The only item of clothing among Paris's items is the dress. It costs $89, so Paris will get a 10% discount - that is, she will pay 90% of the price, or
She will pay full price for the other items, so she will pay a total of
.
Example Question #102 : Word Problems
A hat is discounted percent; the sales tax on the hat is percent. If is the amount of money paid at the register, what was the price of the hat before discount and tax?
Let be the price of the hat, before discount and tax.
Taking percent off the price of the hat is equivalent to charging percent of the price of the hat, or multiplying the price of the hat by .
Analogously, adding percent to the amount paid as tax is the same as multiplying the amount paid by percent, or .
Therefore, the amount paid is
To find in terms of the other variables:
Example Question #31 : Discount
A bag is normally but is on sale by . What is the purse's price to the nearest penny before tax?
To calculate a discount, simply multiply the total by .2 and then subtract it from the original price.
Example Question #101 : Problem Solving Questions
A store is offering a discount on clothing purchases made today. It is giving a discount on purchases that total to , a discount on purchases totalling to , and a discount on purchases totaling or more. The discount applies only to clothing items; no other items are discounted today.
Bryan decides to purchase the following: Two pairs of jeans that cost each, two shirts that cost each, and a bottle of cologne that costs . Disregarding tax, how much will Bryan pay for his items?
The discount will apply to the jeans and the shirts, which, together, cost
Clothing purchases between and are discounted 20%, so Bryan will pay of the price of the items, or
Add to this the $18 cologne, which is not discounted:
.
Example Question #32 : Discount
A store is offering a discount on all purchases made today, except for clothing items. It is giving a 10% discount on purchases that total $50.00 to $99.99, a 20% discount on purchases totaling $100.00 to $199.99, and a 30% discount on purchases totaling $200.00 or more.
Harvey purchases three shirts that cost $49 each, a bottle of cologne that costs $19, and a watch that costs $69. Disregarding tax, what will Harvey pay for the items?
Harvey will receive a discount on the watch and the cologne; their prices total, before discount,
.
Since this purchase totals under $100, he will receive 10% off - that is, he will pay 90% of the original price, or
.
Add to this the price of the shirts, for which he will pay full price:
Example Question #1 : Interest Problems
Grandpa Jack wants to help pay for college for his grandson, Little Jack. Little Jack is currently 8 years old. Grandpa Jack makes a one-time deposit into an account that earns simple interest every year. Grandpa Jack invests $10,000 now and in ten years, that will grow to $15,000. What rate of simple interest did Grandpa Jack receive?
6%
2%
3%
4%
5%
5%
To calculate simple interest, the formula is
where stands for Future Value, stands for Present Value, stands for the interest rate, and stands for the number of periods (in this case years). So plugging in,
Solving this we get
or 5%
ALTERNATE SOLUTION:
Another way of finding this is to calculate the amount of interest per year. Since this is simple interest, Grandpa Jack earns the same amount of interest per year. The total interest earned is 15,000-10,000= 5,000. $5,000 over 10 years, equates to $500 per year. $500 divided by the original $10,000 is .05, or 5%.
Example Question #2 : Interest Problems
How much interest would an investment yield if the principal of is invested for years at a simple interest?
Example Question #1 : Interest Problems
What rate does Johnny need if he would like to yield in interest from a principal of in years?
Example Question #1 : Interest Problems
A bank offers a business a loan in the amount of $13,000 with a simple annual interest rate of 9%. How much will the business owe the bank after 3 years?
The accrual of simple interest can be found in two steps. First, multiply the principal amount by the interest rate. Second, multiply that result by the number of years during which interest will accrue.
The question asks for the total amount that the business will owe the bank, so we must add the interest accrued to the principal amount.
Example Question #1 : Calculating Simple Interest
John has to invest for years for return. How much simple interest will his investment yield?
Simple interest formula: