Question

A bank manager wants to encourage new customers to open accounts with principals of at least ​$3500. He decides to make a poster advertising a simple interest rate of 3​%. What must the principal be if the bank manager also wants to advertise that one can earn ​$10 the first​ month?

Answer 1

The principal if the bank manager also wants to advertise that one can earn $10 the first month is $4000.

How to calculate the principal?

From the information, the simple interest is $10 and the rate is illustrated as 3%.

The formula for the simple interest in a month is illustrated as:

S = (p × r × t/12 / 100)

r = rate

t = time

S = interest

Place the values in the formula:

10 = p × 3 × 1 / 100 × 12

10 = 3p/1200

Cross multiply

3p = 12000

Divide

p = 12000/3

p = 4000

The principal is $4000.

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