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Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity. a. $2,750.21 c. $2,810.56 b. $2,790.54 d. $2,815.32
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4 votes
Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity.

a.
$2,750.21
c.
$2,810.56
b.
$2,790.54
d.
$2,815.32

User BugHunter
by
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2 Answers

4 votes
i believe your answer is c i had the same question and i got it right.
User MohammadAli
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7.9k points
2 votes
Future value of ordinary annuity is
AFVO=C[((1+r/m)^(mn)-1)/(r/m)]
AFVO=300[((1+0.12/12)^(12)-1/(0.12/12)]
AFVO=2810.56
User Rkenmi
by
6.7k points
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