Interest (GMAT Focus Edition – Quantitative Reasoning Content and Tactics)

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Simple Interest
- Percentage of Interest Accrued Occurs at a Defined Interval of Time
- Starting Principal Accruing Interest Never Resets
- Finding Amount Resulting from Simple Interest : A = P(1 + RT)
- A = Amount
- P = Starting Principal
- R = Interest Rate
- T = Interval at Which Amount is Withdrawn

Strategic Implications
- Do Not Improperly Reset Principal
- Manually Calculate If Any Doubt About Methodof Applying Formula
- Consider Alternative Tactics to Maximize Efficiency

Compound Interest
- Percentage of Interest Accrued Occurs at a Defined Interval of Time
- Principal Value Accruing Interest Resets at a Defined Interval of Time
- Finding Amount Resulting from Compound Interest : A = P(1 + R)^T
- A = Amount
- P = Starting Principal
- R = Interest Rate
- T = Number of Intervals at Which Amount Compounds

Strategic Implications
- Note Time Interval of Accrual
- Default to Manually Calculating Compound Interestto Avoid Onerous Technical Calculation
- Consider Alternative Tactics to Maximize Efficiency

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