mikaylawhite99 mikaylawhite99
  • 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 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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