Walter Immanual
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Simple & Compound interest problems (Guru level)
Walter Immanual replied to sunilcyborg's topic in GMAT Problem Solving
Hi i having confusion in this part Second payment interest is only on the remaining principal: I2 = (550-P1) x 0.2 because the calculation is based on C.I . The statment should be like this Second payment interest is only on the remaining principal: I2 = (550-P1+110) x 0.2.........because the intrest of first year has to be added in to the 2nd year principle ammout