Question

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

A. $56.25
B. $562.50
C. $5625
D. $5.63

@ganeshie8

Answer 1

Monthly interest is \(4.8\%/12\)

Answer 2

what do i do after that

Answer 3

Divide the interest last month to the monthly percentage interest. :)

Answer 4

@divagirl421 , did you get it?

Answer 5

no:(

Answer 6

Divide the existing interest last month ($2.25) into the monthly interest you've got from the calculatio given by wio. :) Did you get it now?

Answer 7

i got 5.625

Answer 8

http://www.wolframalpha.com/input/?i=2.25+%2F+(0.048%2F12)

Answer 9

You forgot that percentages have to be divided by 100 as well.

Answer 10

Please give a medal.

Answer 11

I think you forgot to translate the 4.8% into whole number. It must be 0.048/12 to get the monthly interest. :) Did you get it now?

Answer 12

*real number

Answer 13

okay. :)

Answer 14

thank you

Answer 15

No problem. :)