Question

Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity.
a.
$2,750.21
c.
$2,810.56
b.
$2,790.54
d.
$2,815.32

Answer 1

Future value of ordinary annuity is
AFVO=C[((1+r/m)^(mn)-1)/(r/m)]
AFVO=300[((1+0.12/12)^(12)-1/(0.12/12)]
AFVO=2810.56

Answer 2

i believe your answer is c i had the same question and i got it right.