{"id":35178,"date":"2021-12-08T17:58:26","date_gmt":"2021-12-08T12:28:26","guid":{"rendered":"https:\/\/e-gmat.com\/blogs\/?p=35178"},"modified":"2022-01-18T15:13:23","modified_gmt":"2022-01-18T09:43:23","slug":"the-prime-lending-rate-is-a-key-rate-in-the-economy","status":"publish","type":"post","link":"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/","title":{"rendered":"SC21011.01- The prime lending rate is a key rate in the economy&#8230; | GMAT SC OG Solution"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">A <\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">min read <\/span><\/span>\n<p>In this article, we\u2019ll look at the solution to the 700-level GMAT Official Guide 2022 Sentence Correction question. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>SC21011.01- The prime lending rate is a key rate in the economy: <span style=\"text-decoration: underline;\">not only are the interest rates on most loans to small and medium-sized businesses tied to the prime, but also on<\/span> a growing number of consumer loans, including home equity loans.<\/p><cite>[Refer to GMAT Official Guide for Options]<\/cite><\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<p>Here is some general information about this OG question  &#8211;  <\/p>\n\n\n<div class=\"ub_styled_list \" id=\"ub_styled_list-5d1e6270-d3b4-449d-903d-7f46dd8940fb\"><ul class=\"fa-ul\"><li>Difficulty level \u2013 Medium<\/li><li>Most Common Incorrect option choice: E<\/li><li>Question Type: Parallelism <\/li><\/ul><\/div>\n\n<div class=\"ub_table-of-contents\" data-showtext=\"show\" data-hidetext=\"hide\" data-scrolltype=\"auto\" id=\"ub_table-of-contents-b5d5dd2d-e9e5-43f8-b32a-354c45b6c807\" data-initiallyhideonmobile=\"false\"\n                    data-initiallyshow=\"true\"><div class=\"ub_table-of-contents-header-container\"><div class=\"ub_table-of-contents-header\">\n                    <div class=\"ub_table-of-contents-title\">Here is an outline of the article: <\/div><div class=\"ub_table-of-contents-header-toggle\">\n                        <div class=\"ub_table-of-contents-toggle\">\n                        &nbsp;[<a class=\"ub_table-of-contents-toggle-link\" href=\"#\">hide<\/a>]<\/div><\/div><\/div><\/div><div class=\"ub_table-of-contents-extra-container\"><div class=\"ub_table-of-contents-container ub_table-of-contents-1-column \"><ul><li><a href=\"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/#0-og-solution-sc2101101-the-prime-lending-rate-is-a-key-rate-in-the-economy\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">OG Solution- SC21011.01- The prime lending rate is a key rate in the economy&#8230;<\/a><\/li><li><a href=\"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/#1-video-solution-sc2101101-the-prime-lending-rate-is-a-key-rate-in-the-economy-\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Video Solution- SC21011.01- The prime lending rate is a key rate in the economy&#8230;<\/a><\/li><li><a href=\"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/#2-extract-the-essence\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Extract the Essence<\/a><\/li><li><a href=\"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/#3-cause-of-confusion\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Cause of Confusion<\/a><\/li><li><a href=\"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/#4-choice-e-%E2%80%93-the-next-best-bet\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Choice E \u2013 The Next Best Bet<\/a><\/li><li><a href=\"https:\/\/e-gmat.com\/blogs\/the-prime-lending-rate-is-a-key-rate-in-the-economy\/#5-quick-trick\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Quick Trick<\/a><\/li><\/ul><\/div><\/div><\/div>\n\n\n<h2 id=\"0-og-solution-sc2101101-the-prime-lending-rate-is-a-key-rate-in-the-economy\">OG Solution- SC21011.01- The prime lending rate is a key rate in the economy&#8230;<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/cdn.e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-not.png\" alt=\"GMAT OG Question on - The prime lending rate is a key rate in the economy...\" class=\"wp-image-35234\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-not.png 1200w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-not-300x169.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-not-1024x576.png 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-not-768x432.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>This sentence may look a little complex at the first glance, but it is actually just the opposite. All we need to do is focus on the right place. And we begin to focus by first understanding the intended meaning.<\/p>\n\n\n\n<h2 id=\"1-video-solution-sc2101101-the-prime-lending-rate-is-a-key-rate-in-the-economy-\">Video Solution- SC21011.01- The prime lending rate is a key rate in the economy&#8230; <\/h2>\n\n\n\n<p>Do not let the structure of this SC question confuse you. It appears complex but is seriously super easy to solve. Watch this OG video solution for this question below &#8211; The prime lending rate is a key rate in the economy: <u>not only are the interest rates on most loans to small and medium-sized businesses tied to the prime, but also on<\/u> a growing number of consumer loans, including home equity loans. <\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/sLN5fvqIXE0?rel=0\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<h2 id=\"2-extract-the-essence\">Extract the Essence<\/h2>\n\n\n\n<p>This sentence talks about the prime lending rate (PLR). It is an important rate in the economy. The second part of the sentence, which appears after the colon, substantiates the information presented in the first part of the sentence. It says that two kinds of interest rates are connected to the PLR:<\/p>\n\n\n\n<ol type=\"1\"><li>The interest rates on most loans to small and medium businesses.<\/li><li>The interest rates on an increasing number of consumer loans that include home equity loans.<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cdn.e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/gmat-official-guide-question-for-sentence-correction-the-prime-lending-rate-1024x576.png\" alt=\"GMAT OG solution - The prime lending rate...\" class=\"wp-image-35228\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/gmat-official-guide-question-for-sentence-correction-the-prime-lending-rate-1024x576.png 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/gmat-official-guide-question-for-sentence-correction-the-prime-lending-rate-300x169.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/gmat-official-guide-question-for-sentence-correction-the-prime-lending-rate-768x432.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/gmat-official-guide-question-for-sentence-correction-the-prime-lending-rate.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Yep, that\u2019s all about the meaning part of this sentence. It is simple, logical, and straight-forward.<\/p>\n\n\n\n<h2 id=\"3-cause-of-confusion\">Cause of Confusion<\/h2>\n\n\n\n<p>If the logic is so straight-forward, then why does this question look daunting? The structure after the colon does intimidate people. See it for yourself &nbsp;\u2014 <em>not only <span style=\"color:green\">are <\/span><span style=\"color:blue\">the interest rates<\/span> on most loans to small and medium-sized businesses <span style=\"color:green\">tied<\/span> to the prime, but also on a growing number of consumer loans, including home equity loans<\/em>.<\/p>\n\n\n\n<p>The green verb \u201c<em>are tied<\/em>\u201d for the blue subject \u201c<em>the interest rates<\/em>\u201d seems to be scattered in the sentence. Who writes a sentence like this? Well, this is a legit way of writing the sentence. This structure is called the inverted SV structure in which the verb appears before the subject.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cdn.e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-og-solution-1024x576.jpg\" alt=\"\" class=\"wp-image-35233\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-og-solution-1024x576.jpg 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-og-solution-300x169.jpg 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-og-solution-768x432.jpg 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-og-solution-1200x675.jpg 1200w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-og-solution.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This structure may appear very uncanny, but it is actually very easy to deal with. Let\u2019s see how:<\/p>\n\n\n\n<ol type=\"1\"><li>We first need to find the verb in the sentence, which in this case is \u201c<em>are tied.<\/em>\u201d<\/li><li>Then we find the subject of this verb, which is \u201c<em>the interest rates<\/em>.\u201d<\/li><li>Now, we restructure the SV pair in the usual way and then read the sentence: <em>not only <span style=\"color:blue\">the interest rates <\/span>on most loans to small and medium-sized businesses <span style=\"color:green\">are tied <\/span>to the prime, but also on a growing number of consumer loans, including home equity loans<\/em>.<\/li><\/ol>\n\n\n\n<p>Isn\u2019t dealing with this uncanny structure easy-peasy, lemon squeezy? But because not many know how to go about it, people fail to understand the meaning and end up choosing an incorrect answer choice.<\/p>\n\n\n\n<h2 id=\"4-choice-e-%E2%80%93-the-next-best-bet\">Choice E \u2013 The Next Best Bet<\/h2>\n\n\n\n<p>Choice E is the most popular incorrect answer choice for this question, and the reason is not difficult to decipher. One look at the choice and we know that those who choose it do so for its simple and familiar structure. But alas! This is not the correct answer. Why? Let me explain.<\/p>\n\n\n\n<h2 id=\"5-quick-trick\">Quick Trick<\/h2>\n\n\n\n<p>Remember, I mentioned in the beginning of this article that if we focus on the right part of this sentence, we can solve it with no difficulty at all? \u2018Tis the time to talk about the focal point. So, lo and behold.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cdn.e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-1024x576.png\" alt=\"\" class=\"wp-image-35230\" srcset=\"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-1024x576.png 1024w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-300x169.png 300w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-768x432.png 768w, https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This sentence uses the phrase \u201c<em>not only X but also Y<\/em>\u201d. In this structure, the entities <em>X<\/em> and <em>Y <\/em>MUST BE IDENTICAL. Let\u2019s see how this phrase plays out in answer choices:<\/p>\n\n\n\n<p><strong>Choice A: <\/strong>not only <span style=\"color:red\">are the interest rates<\/span> on most loans to small and medium-sized businesses <span style=\"color:red\">tied<\/span> to the prime, but also<span style=\"color:red\"> on<\/span> <span style=\"color:gray\">a growing number of consumer loans<\/span><\/p>\n\n\n\n<p><strong>Choice B:<\/strong> tied to the prime are the interest rates not only <span style=\"color:green\">on most loans<\/span> to small and medium-sized businesses, but also <span style=\"color:green\">on<\/span> <span style=\"color:gray\">a growing number of consumer loans<\/span><\/p>\n\n\n\n<p><strong>Choice C: <\/strong>the interest rates not only <span style=\"color:red\">on most loans<\/span> to small and medium-sized businesses are tied to the prime, but also <span style=\"color:gray\">a growing number of consumer loans<\/span><\/p>\n\n\n\n<p><strong>Choice D: <\/strong>not only <span style=\"color:red\">the interest rates<\/span> on most loans to small and medium-sized businesses are tied to the prime, but also <span style=\"color:red\">on<\/span> <span style=\"color:gray\">a growing number of consumer loans<\/span><\/p>\n\n\n\n<p><strong>Choice E: <\/strong>the interest rates are tied to the prime, not only <span style=\"color:red\">on most loans<\/span> to small and medium-sized businesses, but also <span style=\"color:gray\">a growing number of consumer loans<\/span><\/p>\n\n\n\n<p>Need I say anything more? <strong>Choice B<\/strong> is the ONLY choice that uses this phrase in the right manner. In the case of this sentence, we can focus only on this part and get done with this question within 60 seconds. So, yes, easy peasy, lemon squeezy.&nbsp;<\/p>\n\n\n\n<p>Hope this helps.<br>Thanks.<br>Shraddha<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Planning to take the GMAT?<\/strong> We can give you access to quality online content to prepare. We are the<strong>&nbsp;most reviewed GMAT prep company on the GMAT club<\/strong> with <a href=\"https:\/\/gmatclub.com\/reviews\/e-gmat-6\" rel=\"nofollow external noopener noreferrer\" data-wpel-link=\"external\" target=\"_blank\">more than 2200+ reviews<\/a> and have delivered <strong>10x 700+ scores than the average GMATClub partner.<\/strong> Why don\u2019t you take a free trial&nbsp;and judge it for yourself?&nbsp;Write to us at&nbsp;acethegmat@e-gmat.com&nbsp;in case of any queries.<\/p>\n\n\n<div class=\"ub-buttons align-button-center\"  id=\"ub-button-c270eb2e-0558-4e37-a9f6-ea4518574e61\"><div class=\"ub-button-container\">\n    <a href=\"https:\/\/e-gmat.com\/ft-gmat-prep\/?channel=blogsin_article&#038;utm_source=OGsolutionSCblogs&#038;utm_medium=in_article&#038;utm_campaign=free_trial&#038;utm_term=blogs_in_article_OGsolutionSC%20%20\" target=\"_blank\" rel=\"noopener noreferrer external\" class=\"ub-button-block-main ub-button-medium\" role=\"button\" data-wpel-link=\"external\">\n    <div class=\"ub-button-content-holder\"><span class=\"ub-button-icon-holder\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\"height=\"30\", width=\"30\"viewBox=\"0, 0, 512, 512\"><path fill=\"currentColor\" d=\"M256 0C114.6 0 0 114.6 0 256c0 141.4 114.6 256 256 256s256-114.6 256-256C512 114.6 397.4 0 256 0zM406.6 278.6l-103.1 103.1c-12.5 12.5-32.75 12.5-45.25 0s-12.5-32.75 0-45.25L306.8 288H128C110.3 288 96 273.7 96 256s14.31-32 32-32h178.8l-49.38-49.38c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0l103.1 103.1C414.6 241.3 416 251.1 416 256C416 260.9 414.6 270.7 406.6 278.6z\"><\/svg><\/span><span class=\"ub-button-block-btn\">Get free prep resources<\/span>\n    <\/div><\/a><\/div><div class=\"ub-button-container\">\n    <a href=\"https:\/\/e-gmat.com\/sigma-x\/?channel=blogsin_article&#038;utm_source=OGsolutionSCblogs&#038;utm_medium=in_article&#038;utm_campaign=free_trial_sigma&#038;utm_term=blogs_in_article_OGsolutionSC%20%20\" target=\"_blank\" rel=\"noopener noreferrer external\" class=\"ub-button-block-main ub-button-medium\" role=\"button\" data-wpel-link=\"external\">\n    <div class=\"ub-button-content-holder\"><span class=\"ub-button-icon-holder\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\"height=\"30\", width=\"30\"viewBox=\"0, 0, 448, 512\"><path fill=\"currentColor\" d=\"M246.6 233.4l-160-160c-12.5-12.5-32.75-12.5-45.25 0s-12.5 32.75 0 45.25L178.8 256l-137.4 137.4c-12.5 12.5-12.5 32.75 0 45.25C47.63 444.9 55.81 448 64 448s16.38-3.125 22.62-9.375l160-160C259.1 266.1 259.1 245.9 246.6 233.4zM438.6 233.4l-160-160c-12.5-12.5-32.75-12.5-45.25 0s-12.5 32.75 0 45.25L370.8 256l-137.4 137.4c-12.5 12.5-12.5 32.75 0 45.25C239.6 444.9 247.8 448 256 448s16.38-3.125 22.62-9.375l160-160C451.1 266.1 451.1 245.9 438.6 233.4z\"><\/svg><\/span><span class=\"ub-button-block-btn\">Take a free mock<\/span>\n    <\/div><\/a><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>In this article, we\u2019ll look at the solution to the 700-level GMAT Official Guide 2022 Sentence Correction question. SC21011.01- The prime lending rate is a key rate in the economy: not only are the interest rates on most loans to small and medium-sized businesses tied to the prime, but also on a growing number of [&hellip;]<\/p>\n","protected":false},"author":102393,"featured_media":35326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ub_ctt_via":""},"categories":[44,94,107],"tags":[],"featured_image_src":"https:\/\/e-gmat.com\/blogs\/wp-content\/uploads\/2021\/12\/the-prime-lending-rate-is-a-key-rate-in-the-economy-official-guide-question.png","author_info":{"display_name":"Shraddha","author_link":"https:\/\/e-gmat.com\/blogs\/author\/shraddha\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.1.1 (Yoast SEO v17.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SC21011.01- The prime lending rate is a key rate in the economy... | GMAT SC OG Solution<\/title>\n<meta name=\"description\" content=\"Here is the solution to this OG question 2022 on sentence correction - 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