Find the savings plan balance

Question

Find the savings plan balance after 9 months with an APR of 8% and monthly payments of $150.00. The balance is?

Answer 1

Find the savings plan balance after 9 months with an APR of 8% and monthly payments of $150.00. The balance is?

growth factor = (1 + (0.08 / 12)) per month = 1.00667

After 9 months, the balance is

($150.00)*(1.00667)⁹

$159.24 is the balance after 9 months is the answer that you seek.

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John B.

Atlanta, GA