Ask Question
26 January, 10:53

Roy average balance checking account pays simple interest of 4.8% annually and he made $2.25 in interest last month. What's was Roy's average balance last month?

+5
Answers (1)
  1. 26 January, 13:43
    0
    The first thing you do is you divide the annual interest into 12 months

    4.8 % / 12

    Make sure that you convert the interest

    So 0.048/12

    Then you get the interest last month so that is

    2.25 / (0.048/12)

    The answer is 562.5

    B.$562.5
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Roy average balance checking account pays simple interest of 4.8% annually and he made $2.25 in interest last month. What's was Roy's ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers