Question

Find the savings plan balance after 12 months with apr of 3% and monthly payments of $150

Answer 1

For monthly payments, monthly interest, i = APR/12=0.03/12=0.0025
Time period, n = 12
Monthly payment, A = $150

Future value
= A((1+i)^n-1)/i
= 150((1.0025^12-1)/.0025
= 1824.96 (to the nearest cent)