Question

What would my final balance be if i put $650 in the bank for 60 months with an interest rate of 6%?

Answer 1

Your final balance would be $2,340.

I = Prt
Percent (6%) x rate (650) x time (60 months) = 2,340

6% = 0.06

0.06 x 60 x 650 = 2,340