Find the savings plan balance after 

33 

years with an APR of 

44​% 

and monthly payments of 

​$150150.

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Part 1

The balance is 

​$enter your response here. 

​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

To calculate the balance of a savings plan after a given time with regular monthly payments and an APR (Annual Percentage Rate), we use the **future value of a series** formula:

\[
A = P \times \frac{\left(1 + \frac{r}{n}\right)^{nt} - 1}{\frac{r}{n}}
\]

Where:
- $A$ is the future value (total savings balance).
- $P$ is the monthly payment amount.
- $r$ is the annual interest rate in decimal form.
- $n$ is the number of times the interest is compounded per year.
- $t$ is the number of years.

Given:
- $P = 150$
- $r = 4\%$ or $0.04$ in decimal form.
- $n = 12$ (compounded monthly).
- $t = 33$ years.

Let's calculate the balance using the formula.The balance after 33 years with monthly payments of $150 and an APR of 4% is **$123,084.59**.

Would you like further clarification or have other questions?

Here are some related questions:
1. How would the balance change if the APR increased to 5%?
2. What if the monthly payments were reduced to $100?
3. Can you calculate the total amount contributed without interest?
4. How does

Find the savings plan balance after 33 years with an APR of 4% and monthly payments of $150. The balance is ​$enter your response here. ​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Learn how to calculate the savings plan balance after 33 years with an APR of 4% and monthly payments of $150 using the future value of a series formula. This financial mathematics problem covers compound interest and is suitable for students in Grades 11-12 or college.

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