simple interest problem

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Chinn_asama: Senior | Next Rank: 100 Posts; Posts: 77; Joined: Sat Jun 02, 2012 7:14 pm; Thanked: 1 times

by Chinn_asama » Thu Jul 05, 2012 6:19 am

Hi

What annual payment will discharge a debt of 6,450 due in 4 years at 5% per annum simple interest?

I tried to do by using the I=ptr formula, sum the interest and the principal and finally divide it with 4. But apparently that is not the way to do it.

Thanx

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Source: Beat The GMAT — Problem Solving | Thu Jul 05, 2012 6:19 am

M_Student: Newbie | Next Rank: 10 Posts; Posts: 2; Joined: Fri Jun 22, 2012 8:40 pm

by M_Student » Thu Jul 05, 2012 7:48 am

Hi Chinn_asama,

I tried but failed.....and i want to add something......

if in the same question, we are asked to find the compund interest(amount)- but semi-annually then how can we do it??????????

Thank you.

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