Calculate the balance under the given assumptions.
-Find the savings plan balance after 4 years with an APR of 2% and monthly payments of $593.

Name: Calculate the balance under the given assumptions. -Find the savings plan balance after 4 years with an APR of 2% and monthly payments of $593.
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Question

Quizplus · Accepted Answer

The balance is calculated using the future value of an annuity formula. With monthly payments of $593, an APR of 2% (0.02/12 monthly rate), and 48 months (4 years), the future value is approximately $29,607.87.

Calculate the Balance Under the Given Assumptions