1. **State the problem:** Holly deposits £550 into a savings account with simple interest at 2% per month. After 6 months, she buys a bike costing £590. We need to find how much money she has left. 2. **Formula for simple interest:** $$I = P \times r \times t$$ where $I$ is the interest earned, $P$ is the principal amount, $r$ is the monthly interest rate (as a decimal), and $t$ is the time in months. 3. **Calculate the interest earned:** $$I = 550 \times 0.02 \times 6 = 550 \times 0.12 = 66$$ 4. **Calculate the total amount in the account after 6 months:** $$A = P + I = 550 + 66 = 616$$ 5. **Calculate the money left after buying the bike:** $$\text{Money left} = A - 590 = 616 - 590 = 26$$ **Final answer:** Holly has £26 left after buying the bike.