Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity.

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22-01-2017
Mathematics

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Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity.

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MissPhiladelphia MissPhiladelphia · Answer 1 · 2017-01-31T17:50:18+01:00

MissPhiladelphia MissPhiladelphia

31-01-2017

Given:
n = 9 months
i = 12%
A (monthly payments) = 300
Assume an ordinary annuity.

Required: P

Solution:
F = A {[(1+i)^n] - 1 / i}
F = 300 {[(1.12)^9 - 1 / 0.12}
F = 4,432.7

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