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

$650 × 1.06 = $689
this is assuming that it is a simple interest rate
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Assuming apr is the rate: 60÷12=5 (years)

650÷60=$10\frac{5}{6}$(per month)

Year one: $5 \frac{5}{6}$×12=130 (per annum) 
                130×1.06= $137.8

Year two: 137.8 + 130 = 267.8
                267.8×1.06 = 283.868

Year three: 283.868+130 = 413.868
                   413.863 × 1.06 ≈ $438.7

Year four: 438.7 + 130 = 568.7
                 568.7×1.06 ≈ $602.82

Year five: 602.82+130=732.82
                732.82×1.06 ≈ $776.79

Answer 2

My math is 6%= 0.06*650=39*60 is $2,340  if i am correct please mark as brainliest thx:)