cwinstead1 cwinstead1

29-01-2018
Mathematics

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Find the savings plan balance after 9 months with an APR of 14% and monthly payments of $150.

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29-01-2018

APR=14%
monthly interest, i = 0.14/12
monthly amount, A = 150
number of months, n = 9
Future value (after nine months)
=150((1+0.14/12)^9-1)/(1+0.14/12)
= 1414.75 (to the nearest cent)

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