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find the savings plan balance after 9 months with an APR of 11% and monthly payments of $300
 Mar 27, 2014
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 Mar 27, 2014
 #2
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find the savings plan balance after 9 months with an APR of 11% and monthly payments of $300



Let's see
I presume you mean 11%per annum paid monthly. so that is 11/12 = 0.9166666% per month = 0.00916666666 (= i)
You put in $300 at the beginning of each month for 9 months. n=9
R=$300 This is your regular payment.
How much do you have at the end of 9 months.

Is this your question?
This is a future value of an ordinary annuity question.
S=R * [(1+i) n-1}/i

300*((1.0091666666)^9-1)/0.009166666666

So there will be $2801.15 in the account to the neares cent.
 Mar 28, 2014

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