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quester [9]
2 years ago
11

Jerome's average balance checking account pays simple interest of 7. 2% annually, and he made $5. 28 in interest last month. Wha

t was Jerome's average balance last month?.
Mathematics
1 answer:
posledela2 years ago
8 0

Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period.

The balance of the last month of Jerome's account is $880

<h3>What is simple interest?</h3>

Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.

The formula for the simple interest can be given as,

I=\dfrac{P\times r\times t}{100}

Here, I is the interest rate on the principal amount of P with the rate of r in the time period of t.

Given information-

Jerome's average balance checking account pays simple interest of 7.2% annually.

Jerome made $5.28 in interest last month.

Convert the interest rate monthly as,

r=\dfrac{7.2}{12} \\r=0.6

Thus the monthly interest rate is 0.6 percent.

Suppose the balance of the last month is P. Use the above formula to find the principal amount,

I=\dfrac{P\times r\times t}{100}\\5.28=\dfrac{P\times 0.6\times 1}{100}

Solve it for P,

P=\dfrac{5.28\times100}{0.6\times1} \\P=\dfrac{528}{0.6} \\P=880

Hence, The balance of the last month of Jerome's account is $880.

Learn more about the simple interest here;

brainly.com/question/2294792

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