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Simple intrest

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Simple intrest

by uptowngirl92 » Sat Jul 25, 2009 4:25 am
A certain bank is offering a special promotion for new customers in the month of November.For every dollar in excess of $100 in a customer's saving account,the bank will pay 6%intrest.If Rebekah has $178.61 in her savings a/c after the intrest is paid,how much did she have in the account before the intrest was paid?

Guys pls show the workings!
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by truplayer256 » Sat Jul 25, 2009 8:04 am
x= The money she had in the account before the interest was paid.

(x-100)*.06+x=178.61

178.61+6=1.06x

184.61/1.06=x

x~$174.16

OA?
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Re: Simple intrest

by Stuart@KaplanGMAT » Sat Jul 25, 2009 11:19 am
uptowngirl92 wrote:A certain bank is offering a special promotion for new customers in the month of November.For every dollar in excess of $100 in a customer's saving account,the bank will pay 6%intrest.If Rebekah has $178.61 in her savings a/c after the intrest is paid,how much did she have in the account before the intrest was paid?

Guys pls show the workings!
We need some clarification!

First, is it 6% annual interest or monthly interest? Do you just get a 6% bonus no matter how long the money is in the account as long as it's there by the end of the month?

Second, show me the answer choices! This question takes about 1/3 the time to backsolve as it does to frontsolve (multiplication is way quicker than division), so answer choices are required to show the most efficient solution to the question.
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