Find the savings balance after 9 months with an apr of 4% and monthly payment of $250.

$ 2533.594

Step-by-step explanation:

The saving balance is found by the equation;

where P=monthly payments, i= interest rate n=period

Given ;

P= $250   n=9months and i=6%(0.04) per year, find savings balance?

Note than n is given in months so we divide the rate by 12 i.e

0.04/12 =0.003

Substitute values in the formulae;

SV= 250 × [((1+0.003)^9 - 1)/0.003)]