GMAT Exam > GMAT Videos > Quantitative for GMAT > Problem Set 1 : Simple Interest
Problem Set 1 : Simple Interest Video Lecture | Quantitative for GMAT
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FAQs on Problem Set 1 : Simple Interest Video Lecture - Quantitative for GMAT
| 1. What is simple interest? |  |
Ans. Simple interest is a basic formula used to calculate the amount of interest earned or paid on a loan or investment. It is calculated by multiplying the principal amount, the interest rate, and the time period for which the interest is calculated.
| 2. How is simple interest different from compound interest? | |
Ans. Unlike compound interest, which includes interest on both the principal amount and any previously earned interest, simple interest only takes into account the principal amount. This means that the interest earned or paid remains constant over time, whereas compound interest can grow exponentially.
| 3. How can I calculate the future value of an investment using simple interest? | |
Ans. To calculate the future value of an investment using simple interest, you can use the formula: Future Value = Principal + (Principal * Interest Rate * Time). Simply multiply the principal amount by the interest rate and the time period for which the interest is calculated, then add it to the principal.
| 4. What is the significance of the interest rate in simple interest calculations? | |
Ans. The interest rate is a crucial factor in simple interest calculations as it determines the amount of interest earned or paid. A higher interest rate will result in greater interest earned, while a lower interest rate will yield lower interest earnings. It is important to consider the interest rate when making financial decisions involving loans or investments.
| 5. Can simple interest be negative? | |
Ans. No, simple interest cannot be negative. Simple interest represents the amount earned or paid on a loan or investment, and it is always a positive value. If the interest rate is negative, it would indicate that the individual or institution is paying interest rather than earning it.
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Dec 24, 2024 Last updated |
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