Answer:
the savings plan balance after 9 months with an APR of 8% and monthly payments of $250 is approximately $2,366.98.
Explanation:
To find the savings plan balance after 9 months with an APR of 8% and monthly payments of $250, we can use the formula for the future value of an annuity:
FV = Pmt x ((1 + r/n)^(n x t) - 1) / (r/n)
where:
FV = future value
Pmt = monthly payment
r = annual interest rate
n = number of compounding periods per year
t = time in years
In this case, we have:
Pmt = $250
r = 8%
n = 12 (since payments are made monthly)
t = 9/12 = 0.75 (since 9 months is three-quarters of a year)
Substituting these values into the formula, we get:
FV = $250 x ((1 + 0.08/12)^(12 x 0.75) - 1) / (0.08/12)
FV ≈ $2,366.98
Therefore, the savings plan balance after 9 months with an APR of 8% and monthly payments of $250 is approximately $2,366.98.