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

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

true

step-by-step explanation:

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