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?
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
