Question

Calculate the balance under the given assumptions.Find the savings plan balance after 8 years with an APR of 4% and monthly payments of $473.

Answer 1

Given:-

8 years with an APR of 4% and monthly payments of $473.

To find:-

Savings plan balance.

So now we use the formula,

$CI=p(1+(\frac{r}{n}))^{nt}-p$

So now we substite the values. so we get,