what would my final balance be if i put R650 in the bank for 60 Months with an interest rate of 6%

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14-04-2016
Mathematics

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what would my final balance be if i put R650 in the bank for 60 Months with an interest rate of 6%

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penfila11Pen penfila11Pen · Answer 1 · 2016-04-14T14:13:53+02:00

penfila11Pen penfila11Pen

14-04-2016

60 months is 5 years
12 × 5 = 60

Interest = Principle amount × Rate × Time in years
= 650 × 0.06 × 5 (6% = [tex] \frac{6}{100} [/tex] = 0.06)
= R195

R650 + R195 = R845

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