Question

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?
$0.63
$80.00
$62.72
$800.00

Answer 1

@jaysentengler please repost this problem in the math subject

Answer 2

for simple interest:

I = PRT
where I is the interest (22.40)
P is the principal amount (which you'll solve for)
R is the interest rate as a decimal (0.028)
T is time (1 year)
solve for P