Gene paid a deposit on a leased car. The deposit earns 2.8 percent simple annual interest. At the end of the year, the interest
2 answers:
Answer:
$800.
Step-by-step explanation:
We have been given that Gene's deposit earns 2.8 percent simple annual interest. At the end of the year, the interest that is earned is $22.40. We are asked to find the amount of original deposit.
To find the original amount of deposit, we use simple interest formula:
, where,
I = Amount of interest,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
Let us convert our given interest rate in decimal form.
Upon substituting our given values in above formula, we will get:
Therefore, the amount of original deposit was $800.
You might be interested in
<h2>
</h2>
◇◆□■□■□■□■□■□■□■□■□■□■□■□■□■□■□■□■□■□◆◇
x + 2x + 9y - 7y
3x + ( 9y - 7y )
3x + 2y
◇◆□■□■□■□■□■□■□■□■□■□■□■□■□■□■□■□■□■□◆◇