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calculate the balance under the given assumptions. find the savings plan balance after 31 months with...

calculate the balance under the given assumptions. find the savings plan balance after 31 months with an apr of 2% and monthly payments of $386
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Answer #1

Balance under the given assumptions = 386*(((1+(2%/12))^31-1)/(2%/12))

                                                           =12,245.5

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