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6 January, 22:14

Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity.

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  1. 7 January, 01:14
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    Given:

    n = 9 months

    i = 12%

    A (monthly payments) = 300

    Assume an ordinary annuity.

    Required: P

    Solution:

    F = A {[ (1+i) ^n] - 1 / i}

    F = 300 {[ (1.12) ^9 - 1 / 0.12}

    F = 4,432.7
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