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Find the savings plan balance after 18 months with an APR of 4 ​% and monthly payments of ​$250 .

Guest Oct 18, 2017
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This is the formula you would use to find the FV of your deposits:

 

FV=P{[1 + R]^N - 1/ R}

FV=250 x {[1 + 0.04/12]^18 - 1 / (0.04/12)}

FV=250 x {[1.0033333]^18 - 1 /  (0.0033333)}

FV=250 x {[1.0617306] - 1  /(0.0033333)}

FV=250 x {[0.0617306]  /  (0.0033333)}

FV=250 x                       18.5191810...........

FV=$4,629.80 - Savings balance after 18 months @ 4% comounded monthly.

Guest Oct 18, 2017

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