Problema Solution
Find the savings plan balance after 21 months with an APR of 4% and monthly payments of $519,
Answer provided by our tutors
after month
Last Month Balance
Monthly Payment
Monthly Balance before Interest
Interest Rate
Monthly Balance after interest
1
apr
0.00
519
519
1.04
539.76
2
may
539.76
519
1058.76
1.04
1101.11
3
jun
1101.11
519
1620.11
1.04
1684.91
4
jul
1684.91
519
2203.91
1.04
2292.07
5
aug
2292.07
519
2811.07
1.04
2923.51
6
sept
2923.51
519
3442.51
1.04
3580.21
7
oct
3580.21
519
4099.21
1.04
4263.18
8
nov
4263.18
519
4782.18
1.04
4973.47
9
dec
4973.47
519
5492.47
1.04
5712.17
10
jan
5712.17
519
6231.17
1.04
6480.42
11
feb
6480.42
519
6999.42
1.04
7279.39
12
mar
7279.39
519
7798.39
1.04
8110.33
13
apr
8110.33
519
8629.33
1.04
8974.50
14
may
8974.50
519
9493.50
1.04
9873.24
15
jun
9873.24
519
10392.24
1.04
10807.93
16
jul
10807.93
519
11326.93
1.04
11780.01
17
aug
11780.01
519
12299.01
1.04
12790.97
18
sept
12790.97
519
13309.97
1.04
13842.37
19
oct
13842.37
519
14361.37
1.04
14935.82
20
nov
14935.82
519
15454.82
1.04
16073.02
21
dec
16073.02
519
16592.02
1.04
17255.70