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Hi and thank you for your inquiry. To answer your questions...
1. schools compare applicants based on undergraduate GPA. They will take the Masters into account, especially as it offsets your lower quant GMAT and slightly lower undergrad grades, but they compare applicants across undergraduate grades. That being said, I recommend you write the optional essay to highlight for them your very strong masters GPA, emphasizing your math grades. I don't think think that will end up being a barrier for you especially if you can pull up the GMAT (see q. 4)
2. Yes, use the optional essay to do that
3. INSEAD is a very tough school. If you pull up the GMAT you may be competitive there; their average GMAT is around 700. NUS is a lower ranked school but accepts fewer than 10% of its applicants. Your GMAT is right at their average, but if you pull it up that could be a differentiator for you. I think you'll be a competitive candidate at both, although you didn't give me a full profile (nature of your work and leadership experience, community involvement, etc.)
4. Yes. Your Quant % is really pretty low; if you can pull it up even 10 percentage points I think that will strengthen your profile, and if you've only taken it once there's really no downside to trying again.
Best,
Jessica Shklar mbaMission
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