Based on the amount and the interest rate as well as period, the amount you would have is $1,162.64.
First you need to convert the periods and interest rate into a monthly format.
Periodic rate and period
Period = 5 years x 12 months
= 60 months
Interest = 7.8% / 12
= 7.8/12%
Amount after 5 years
= Amount x ( 1 + interest rate) ^ number of periods
= 800 x ( 1 + 7.5/12%)⁶⁰
= $1,162.64
In conclusion, you would have $1,162.64.
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