Question

Lucas spends $83. 42 in additional interest and charges on monthly payments as the result of a prior bankruptcy. If Lucas been able to save this money for the year and then put it into a savings account earning 1. 8% simple interest, how much money could he have in savings after 3 more years? a. $1,649. 72 b. $1,055. 10 c. $1,019. 06 d. $1,001. 4.

Answer 1

Based on the amount saved monthly and the simple interest earned in 3 years, the amount in savings would be $1,055.10.

The amount saved for the year would be:

= 83.42 x 12 months

= $1,001.04

If this amount was saved at simple interest at 1.8% per year, the amount in 3 years would be:

= Amount + ( Amount x rate x number of years)

= 1,001.04 + (1,001.04 x 1.8% x 3)

= $1,055.10

In conclusion, the account would have $1,055.10

Find out more on simple interest at brainly.com/question/2294792.

Answer 2

Answer: A

Explanation: