Question

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

Answer 1

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)