Find the savings plan balance after 12 months with apr of 3% and monthly payments of $150

The savings plan balance after 12 months  is $154.56

Calculation to determine  the savings plan balance after 12 months

First step is to calculate the growth factor

Growth factor = (1 + (0.03 / 12)) per month  

Growth factor = 1.0025

Now let calculate the savings plan balance after 12 months

Savings plan balance after 12 months=($150.00)×(1.0025)^12

Savings plan balance after 12 month=$150.00×1.03041596

Savings plan balance after 12 month=$154.56

Inconclusion  The savings plan balance after 12 months  is $154.56.

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