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GMAT Percent & Interest
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Terms in this set (9)
What is the Definition of a Percent?
Percent is a way of expressing a number as a fraction of 100
(per cent meant "per hundred")
Can two different Successive Percents be added together?
aka: when a value it changed by two differnet Percents
Can NEVER be added together, They MUST be Multiplied
What Equation do you use to find the value of a new Object?
Original + Change = New
What is the Equation you use when you want to find the CHANGE IN PERCENT or a CHANGE IN ACTUAL VALUE?
What is the equation you use when you want to find the NEW PERCENTAGE or the NEW VALUE?
What is the difference between a CHANGE IN PERCENT & a NEW PERCENTAGE?
The difference between the two is that the CHANGE IN PERCENT is asking how much the percentage has changed as a fraction of the original percent, and a NEW PERCENTAGE is asking what the new percentage is.
What is the difference between a CHANGE IN ACTUAL VALUE and a NEW VALUE?
The difference between the two is that the CHANGE IN ACTUAL VALUE is asking how much difference it between the two given values is it's units, and NEW VALUE is asking for what the new value of an object is after changing.
What is the Simple Interest EQN?
Simple Interest =
Principal x Interest Rate x Time
Rate: how much the money grows per unit time; show as decimal
Compound Interest
P=Principal
r=rate; in decimal Form
n=number of times a year
t= Number of Years
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