Find the savings plan balance after 2 years with an APR of 3% and monthly payments of $300
Find the savings plan balance after 2 years with an APR of 3% and monthly payments of $300
The balance of the savings plan after 2 years will be=$7,410.85 @ 3% compounded monthly.
The balance of the savings plan after 2 years will be=$7,407.95 @ 3% compounded annually.
The formula you use to calculate this is:FV=P{[1 + R]^N - 1/ R}=FV OF $1 PER PERIOD, Where R=Interest rate per period, N=number of periods, P=periodic payment, FV=Future value.
