Find the savings plan balance after 12 months with an APR of 33% and monthly payments of $300
Find the savings plan balance after 12 months with an APR of 33% and monthly payments of $300
This is the formula you use to calculate this:
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.
I will assume that your 33% actually is 3%!!.
Your balance @ 3%APR for 12 months with $300 deposits will be =$3,649.91
But, just in case 33% is "real", then the balance will be =$4,197,64
