Ricky spends $173.19 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 2.1% simple interest, how much money could he have in savings after two years?

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Ricky spends $173.19 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 2.1% simple interest, how much money could he have in savings after two years?

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Amcoolgo Amcoolgo · Answer 1

The amount of money Ricky could have in savings after two more years is $2,165.57.

Calculation of balance in savings

Saving for 12 months = $173.19 * 12 = $2,078.28

Annual interest earned = Saving for 12 months * Simple interest rate = $2,078.28 * 2.1% = $43.64388

Savings balance after 2 years = Saving for 12 months + (Annual interest earned * Number of years) = $2,078.28 + ($43.64388 * 2) = $2,078.28 + $87.28776 = $2,165.57

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