Find the savings plan balance after 2 years with an APR of 9​% and monthly payments of ​$250

Question

Can someone help me? Idk if im right but do I multiply $250 by 9% an then divide?

Answer 1

oh my!

you will need the ordinary annuity formula
amount = payment( (1+i)^n - 1)/i
where i is the periodic interest rate as a decimal, and n is the number of interest periods

so i = .09/12 = .0075
n = 2(12) = 24

amount = 250( 1.0075^24 - 1)/.0075
= $6,547.12

Answer 2

Find the savings plan balance after 24 months with an APR of 5% and monthly payments of $250.

Answer 3

Find the savings plan balance after 12 months with an APR of 2% and monthly payments of $150.

Answer 4

hard man