Find the savings plan balance after 1 year with an APR of 13% and monthly payments of $100. Assume an ordinary annuity.
1 answer:
Check the formula of future value of annuity ordinary (through Google)
FVOA=100[((1+0.13/12)^(12)-1/(0.13/12)]
FVOA=1274.15
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Http://www.madeiracityschools.org/userfiles/376/Classes/17052/Review%20Worksheet%20Unit%209%20Quiz%2...
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