Question

Find the savings plan balance after 12 months with an APR of 30% and monthly payments of 75$.

Ratios, rates, proportions
ANSWERED
asked 2021-06-05
Find the savings plan balance after 12 months with an APR of 30% and monthly payments of 75$.

Answers (1)

2021-06-06
The formula for this calculation in Future \(\displaystyle{V}{a}{l}{u}{e}={P}{a}{y}{m}{e}{n}{t}{\left[\frac{{{\left({1}+{I}\right)}{n}-{1}}}{{I}}\right]}\), where I=interest rate, and n = periods.
In this case, P=$75/month, n=12 months, and I=30%(0.3) per year.
Since the information involves months instead of years it is necessary to divide the interest rate by 12 to obtain the monthly rate. So, 0,3/12=0.025ZSK
We can then enter the information into our formula to obtain: PSKFV=75(((1.025^12)-1)/0.025) =75(((1.025^12)-1)/0.025) =75(0.34488.../0.025) =(0.34488...*75)/0.025 =27.86666.../0.025 =1034.66647ZSK
~ 1034
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