Answer: To calculate the balance of the savings plan after 9 months with an APR of 3% and monthly payments of $200, we need to take into account the interest earned on the account.
First, we will calculate the interest earned by multiplying the principal (initial amount) by the interest rate (APR) and the number of months.
Interest = Principal * Interest Rate * Number of months
Interest = 200 * 0.03 * 9 = 54
Then, we will add the interest earned to the total amount of payments made.
Total = Principal + Interest + Payments
Total = 200 + 54 + (200 * 9) = 200 + 54 + 1800 = 2054
So the savings plan balance after 9 months with an APR of 3% and monthly payments of $200 is $2054.
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