Find the savings plan balance after
15
months with an APR of
88%
and monthly payments of
$150150.
(Do not round until the final answer. Then round to the nearest cent as needed.)
+36916 From an online calculator (using equation #2 at bottom) deposits at BEGINNING of month: ($2373.82)
If the payments are not specifically stated to be made at the beginning of the period, then it is automatically assumed that they are made at the end of the period.
This is the formula used to calculate that:
FV=P{[1 + R]^N - 1/ R}
FV =150 x {[1 + 0.08/12]^15 - 1} / (0.08/12)
FV =150 x {[ 1.0066667]^15 -1} / (0.0066667)
FV =150 x { 0.10480422 / 0.0066667}
FV =150 x 15.7205541......
FV =$2,358.09 - Balance of the savings plan.
+36916 As guest found, here is the table with deposits at the END of the months:
