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Find the savings plan balance after 15 months with an APR of 11% and monthly payments of $250

Find the savings plan balance after 15 months with an APR of 11% and monthly payments of $250.

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Steve S. | Tutoring in Precalculus, Trig, and Differential CalculusTutoring in Precalculus, Trig, and Diffe...
5.0 5.0 (3 lesson ratings) (3)
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Interest rate multiplier each month is 1 + 0.11/12 = 12.11/12 := m
 
Balance, B = $250(m^15 + m^14 + ... m^2 + m^1).
 
mB = $250(m^16 + m^15 + ... m^3 + m^2).
 
mB - B = $250(m^16 - m).
 
B = $250(m^16 - m) / (m-1)
 
B ≈ $4,037.12
Parviz F. | Mathematics professor at Community CollegesMathematics professor at Community Colle...
4.8 4.8 (4 lesson ratings) (4)
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What was the balance before start of the payment.