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Sagot :
The total amount Lusac have in his savings after 3 more years with 1.8% saving interest is $1055.10.
What is simple interest?
Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.
The formula for the simple interest can be given as,
[tex]I=\dfrac{Prt}{100}[/tex]
Here, (I) is the interest amount earned on the principal amount of (P) with the rate of (r) in the time period of (t).
Lucas spends $83.42 in additional interest and charges on monthly payments as the result of a prior bankruptcy. The amount save in a year (12 months) is,
[tex]P=83.42\times12\\P=1001.04[/tex]
The interest earned on this principal amount with earning 1.8% simple interest, after 3 years is,
[tex]I=\dfrac{1001.04\times1.83}{100}\\I=54.06[/tex]
The total total amount in his bank account after 3 years is,
[tex]A=P+I\\A=1001.04+54.06\\A=1055.10[/tex]
Hence, the total amount Lusac have in his savings after 3 more years with 1.8% saving interest is $1055.10.
Learn more about the simple interest here;
https://brainly.com/question/2294792
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