$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=[tex] 10\frac{5}{6} [/tex](per month)
Year one: [tex]5 \frac{5}{6} [/tex]×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
