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