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Find the savings plan balance after 4 years with an APR of 2​% and monthly payments of ​$100

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 Oct 18, 2017
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This is the formula you would use to find the FV of your savings plan.

 

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

FV =$100 x {[1 + 0.02/12]^(4*12) - 1 / (0.02/12)}

FV=$4,992.90 - This should be the balance in the savings plan after 4 years.

P.S. Do the math in the above formula and you should get the same answer that I did.

 Oct 19, 2017
edited by Guest  Oct 19, 2017

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