All GMAT Math Resources
Example Questions
Example Question #1 : Calculating Simple Interest
How many years would it take Marissa to make in interest using a simple interest investment of in principal at 5% return?
Simple interest formula is:
Therefore, solving for the time factor:
Example Question #5 : Calculating Simple Interest
Using the simple interest formula, what initial investment does Terry have to make to earn in interest if there is an return for years?
Simple interest formula:
Therefore, solving for the principal factor in the equation:
Example Question #4 : Interest Problems
What return does Florence have to yield in order to make in interest off of a simple investment of for years?
Simple interest formula:
Therefore, solving for the rate factor in the equation:
Example Question #1 : Interest Problems
Jesse has to invest for years for return. How much simple interest will his investment yield?
Simple interest formula:
Example Question #3 : Calculating Simple Interest
How many years would it take Julissa to make in interest using a simple interest investment of at a return?
Simple interest formula is:
Therefore, solving for the time factor:
Example Question #111 : Word Problems
How much interest will be accumulated in a simple interest investment if is invested for years at interest rate?
$
$
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Simple interest equation:
Example Question #111 : Gmat Quantitative Reasoning
Jessica deposits $5,000 in a savings account that collects 6% simple interest. How much money will she have accumulated after 5 years?
None of the other answers are correct.
Example Question #112 : Problem Solving Questions
How many years does it take an investment of to yield in interest if invested at a simple interest rate?
Remember the simple interest formula, where I is interest, p is principle, r is rate, and t is time:
Example Question #112 : Gmat Quantitative Reasoning
Bob lends $500 to his friend, who agrees to pay it back one month later with 5% simple interest. How much will Bob's friend owe him at the end of the month?
At the end of one month, Bob's friend will owe him the $500, plus the 5% simple interest he agreed to pay. The total amount he owes Bob, then, will be $500 plus 5% of $500. This gives us:
Example Question #14 : Interest Problems
We deposit today in an account paying simple interest every months. Assuming we make no other deposits, how much interests will we receive after years?
By applying the formula for simple interest rates, , where is the principal, the rate for the given period and is the number of periods we can easily get the amount of interests received. Our is 15, because the rate is given for 6 months. 7 years is equivalent to 14 times 6 months, to that we add the last half year and we get 15 periods. Therefore the amount of interest received is : or .