We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive pseudonymised information about your use of our website. cookie policy and privacy policy.
 
+0  
 
0
249
1
avatar

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

 Oct 18, 2017
 #1
avatar
0

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.

 Oct 18, 2017

11 Online Users

avatar
avatar