We use 'Simple Interest' here.
Simple Interest = Amount + (Interest Percent of Amount × number of years)
SI = $650 + (6% of $650 × 5) >> there are 5 years in 60 months because 60 ÷ 12 is 5
SI = $650 + ($39 × 5)
SI = $650 + $195 = $845
You would have $845 after 60 months (5 years).
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