Find the savings plan balance after 9 months with an APR of 4​% and monthly payments of ​$300. use the formula a=pmt*[(1+apr/n)^ny-1)/(apr/n)] 

To solve this problem, we will use the given formula:

\[
A = \text{PMT} \times \left[ \frac{(1 + \frac{\text{APR}}{n})^{n \cdot t} - 1}{\frac{\text{APR}}{n}} \right]
\]

Where:
- $A$ is the future savings balance (what we are calculating).
- $\text{PMT} = 300$ (monthly payment).
- $\text{APR} = 0.04$ (4% annual percentage rate).
- $n = 12$ (monthly compounding).
- $t = \frac{9}{12} = 0.75$ (since 9 months is 0.75 years).

Now we can plug these values into the formula and calculate the savings balance.

\[
A = 300 \times \left[ \frac{\left(1 + \frac{0.04}{12}\right)^{12 \times 0.75} - 1}{\frac{0.04}{12}} \right]
\]

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Here are five related questions you might find useful:
1. What is the importance of compounding frequency in savings plans?
2. How does the APR influence long-term savings growth?
3. What is the difference between nominal APR and effective interest rates?
4. How does increasing the monthly payment affect the total savings balance?
5. How would an increase in the APR impact the balance after 9 months?

**Tip:** When using financial formulas, make sure to adjust time periods like months or years into consistent units with the compounding frequency.

Find the savings plan balance after 9 months with an APR of 4​% and monthly payments of ​$300. Use the formula a=pmt*[(1+apr/n)^ny-1)/(apr/n)]

Learn how to calculate the future savings balance after 9 months with an APR of 4% and monthly payments of $300. This example uses the compound interest formula with monthly compounding and explores key financial concepts. Suitable for high school or college students.

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