Find the savings plan balance after 9 months with an APR of 14% and monthly payments of $150.

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asked Apr 11, 2019 51.0k views

1 Answer

Kidoher · Answer 1 · 2019-04-16T16:23:32+0000

APR=14%
monthly interest, i = 0.14/12
monthly amount, A = 150
number of months, n = 9
Future value (after nine months)
=150((1+0.14/12)^9-1)/(1+0.14/12)
= 1414.75 (to the nearest cent)

Find the savings plan balance after 9 months with an APR of 14% and monthly payments of $150.

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