Jerome's average balance checking account pays simple interest of 7.2% annually and he made $5.28 in interest last month. what was jerome's average balance last month? $880.00 (apex answer)

Yes, the Average balance on the last month is $ 880.

Step-by-step explanation:

Let P be the balance on last month in his account,

Here, the annual rate of interest = 7.2 %,

Hence, the monthly rate of interest, r = = 0.6 %

Also, the interest for one month with this rate of interest = $ 5.28

And, Time, t = 1 month

Thus, By the formula of simple interest,

Hence, the balance on the last month = $ 880.

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