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Help!! someone please. Find the savings plan balance after 24 months with an APR of 2.5% and monthly payments of $400. Assume an ordinary annuity.

User DerMike
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The formula for this calculation is Future Value = Payment • [((1 + I)n - 1)/I], where I = interest rate, and n = periods.

In this case, P = $8400/month, n = 24 months, and I = 2.5% (0.025) per year.

Since the information involves months instead of years, it is necessary to divide the interest rate by 12 to obtain the monthly rate. So, 0.025 ÷ 12 = =0.0020833333
User Arul Rozario
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