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