Calculate the simple interest on each amount the total amount at the end.

A deposit of $2550.00 that earns 3% interest over 30 months.
Pleas show your steps!
Thankyou (:

Is that annual interest? Or is that the total interest for 30 months?

Total inerest for 30 months

2550 * 0.03 = ?

76.50

Right!

To calculate the simple interest on a deposit, you can use the formula:

Simple Interest = (Principal * Interest Rate * Time) / 100

In this case, the Principal (P) is $2550.00, the Interest Rate (R) is 3%, and the Time (T) is 30 months.

Step 1: Convert the interest rate to a decimal by dividing it by 100:
3% = 3/100 = 0.03

Step 2: Substitute the values into the formula and calculate the simple interest:
Simple Interest = ($2550.00 * 0.03 * 30) / 100
= ($2550.00 * 0.9) / 100
= $2295.00 / 100
= $22.95

So, the simple interest earned on a deposit of $2550.00 at a 3% interest rate over 30 months is $22.95.

To find the total amount at the end, you need to add the simple interest to the principal amount:

Total Amount = Principal + Simple Interest
= $2550.00 + $22.95
= $2572.95

Therefore, the total amount at the end would be $2572.95.