Question

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

Answer 1

60 months is 5 years
12 × 5 = 60

Interest = Principle amount × Rate × Time in years
= 650 × 0.06 × 5 (6% =
`(6)/(100)` = 0.06)
= R195

R650 + R195 = R845