To determine Saving plan balance after 24 months with an APR of 5% and monthly payments of $250 assuming monthly payments and monthly compounding Explanation Formula used: The formula for this calculation is Future Value = (1+I) n I – 1 , where I = interest rate, and n = period Given: In this case, PMT=$250/month, n = 24 months (2 years), and I = 5% (0.05) per year. Calculation: Since the information involves months instead of years, it is necessary to divide the interest rate by 12 to obtain the monthly rate. So, 0.05 ÷ 12 = 0.004167 We can then enter the information into our formula to obtain: FV = $250 x [ ((1 .004167) 24 - 1) 0 ...

6th Edition

ISBN: 9780321922205

Author: Bennett

Publisher: PEARSON CO

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Chapter 4.C, Problem 18E

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Saving plan balance after 24 months with an APR of 5% and monthly payments of $250 assuming monthly payments and monthly compounding

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Chapter 4.C, Problem 17E

Chapter 4.C, Problem 19E

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