i = .09/12 = .0075
n = 24
using the standard formula ....
amount = 200(1.0075^24 - 1)/.0075
= $5,237.69
Find the savings plan balance after 2 years with an APR of 9% and monthly payments of $200.
2 answers
per the usual annuity formula,
200((1 + (.09/12))^24 - 1)/(0.09/12) = 5237.69
200((1 + (.09/12))^24 - 1)/(0.09/12) = 5237.69
1 answer