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?

The original amount was: P = $800

Step-by-step explanation:

Given

Interest I = $22.40

Interest rate = r = 2.8% = 0.028

time t =  1 year

Using the interest formula

I = Prt

substituting the values

I = Prt

22.40 = P (0.028) (1)          ∵ I = 22.40, r = 2.8% = 0.028, t =  1

P = 22.40 / 0.028

P = $800

Therefore, the original amount was: P = $800