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# Find the savings plan balance after 15 months with an APR of 8​% and monthly payments of ​\$150.

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1055
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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.)

May 30, 2018
edited by Guest  May 30, 2018
edited by Guest  May 30, 2018

#1
+18754
+3

From an online calculator (using equation #2 at bottom) deposits at BEGINNING of month:  (\$2373.82)

May 30, 2018
#2
+3

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.

May 30, 2018
#3
+18754
+3

As guest found, here is the table with deposits at the END of the months:

May 30, 2018