The total amount Lusac have in his savings after 3 more years with 1.8% saving interest is $1055.10.
<h3>What is simple interest?</h3>Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.
The formula for the simple interest can be given as,
Here, (I) is the interest amount earned on the principal amount of (P) with the rate of (r) in the time period of (t).
Lucas spends $83.42 in additional interest and charges on monthly payments as the result of a prior bankruptcy. The amount save in a year (12 months) is,
The interest earned on this principal amount with earning 1.8% simple interest, after 3 years is,
The total total amount in his bank account after 3 years is,
Hence, the total amount Lusac have in his savings after 3 more years with 1.8% saving interest is $1055.10.
Learn more about the simple interest here;