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3. Your family set up a savings account for you. You earned $345.56 in interest on an account that earns 1.2% simple interest. If your family opened the account 4 years ago, what was the principal amount? bosim 2,1002 to A 2 4. Scarlet wants to purchase a new cell phone for $595. She is considering two different places to buy it. Option 1 offers a 2 year loan with a simple interest of 3.6%. Option 2 offers a 1 year loan with a 4% simple interest rate. Which is the better deal and how much would Scarlet save? Hd,001