Ricky spends $103.19 in additional interest and charges on monthly payments as the result of a prior bankruptcy. if ricky had been able to save this money for one year and then put it into a savings account earning 3.1% simple interest, how much money could he have in savings after two more years?
a.
$1,238.28
b.
$1,276.67
c.
$1,315.06
d.
$2,476.56
the answer is c

Option C. $1315.06

Step-by-step explanation:

Ricky saved money in a month for one year = $103.19

Total savings = 103.19 × 12 = $1238.28

He put it into a savings account that gives simple interest = 3.1%

His interest for one year = 3.1/100 × 1238.28

= 0.031 × 1238.28 = $38.39

His total interest for two years = 38.39 × 2 = $76.78

Now we add this amount to the principal amount

76.78 + 1238.28 = $1315.06

$1315.06 Ricky have in savings after two more years.

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step-by-step explanation:

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