10
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 that is earned is $22.40. what was the amount of the original deposit?
a. $0.63
b. $80.00
c. $62.72
d. $800.00

The formula for simple interest is I = prt

P = Principal, meaning the starting amount of money, or in this case your deposit.

R = Is the interest rate (percent) in decimal form, only problem is you didn't include this.

T = Time money is gaining interest. ALWAYS IN YEARS!

To find the P, we will have to substitute the choices in to see which works.

R = 2.8% which becomes 0.028

T = 1

So, if we insert the first choice into the equation, it looks like this:

I = (0.63)(0.028)(1)

After you multiply those together, you get

.01764

Next choice,

I = (80)(0.028)(1)

You get 2.24, which is close, but not quite.

Next choice,

I = (62.72)(0.028)(1)

You get 1.75616

Last choice,

I = (800)(0.028)(1)

You get 22.4

So, your answer is D. $800.00

Hope this helps!

the answer is 800! You just do the math and that should be your answer!

Step-by-step explanation:

`1234567890-=/*-qwertyuiop[]asdfghjkl; '\\zxcvbnm,./+ /