Find the savings plan balance after 2 years with an apr of 4% and monthly payments of $250. the balance is $ (do not round until the final answer. then round to the nearest cent as needed.) enter your answer in the answer box o type here to search

$6,506.51

Step-by-step explanation:

Recall that increasing an amount C in x% is equivalent to multiply it by (1+x/100)

As we have 4% APR, the monthly interest would be (4/12)% = 0.04/12

Month 0 (first payment)

$250

Month 1

Month 2

Month 3

Month 24 (2 years)

The sum  

is the sum of the first 24 terms of a geometric sequence with common ratio which is

so, after 2 years the saving balance is

250*26.02603071 = 6,506.50767= $6,506.51 rounded to the nearest cent.

u rich

step-by-step explanation:

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