posted by chris .
Find the savings plan balance after 2 years with an APR of 9% and monthly payments of $250
Can someone help me? Idk if im right but do I multiply $250 by 9% an then divide?
you will need the ordinary annuity formula
amount = payment( (1+i)^n - 1)/i
where i is the periodic interest rate as a decimal, and n is the number of interest periods
so i = .09/12 = .0075
n = 2(12) = 24
amount = 250( 1.0075^24 - 1)/.0075