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Ponie Ponie
  • 14-04-2016
  • Mathematics
Answered

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

Verified Answer :

penfila11Pen
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% = \(\frac{6}{100}\) = 0.06)
             = R195

R650 + R195 = R845

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