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### UNFORMATTED ATTACHMENT PREVIEW

MAT 043 Lesson 23: Savings plan This is used when payments are regularly added to an account. Savings plan formula: = [ (+ () ) − ( ) ] A = total amount after y years PMT = amount of the payment APR = annual percentage rate n = number of payments made per year Y = time in years Use the savings plan formula to find each missing value. Round each monetary answer to the nearest cent if needed. Show your work! 1. PMT = \$500, APR = 2.5%, n = 12, Y = 20 yr. 2. A = \$200,500, APR = 12%, n = 4, Y = 12 yr. Practice Problems 3. PMT = \$75, APR = 7%, n = 12, Y = 10 yr. 1 4. PMT = \$250, APR = 1.5%, n = 6, Y = 8 yr. 5. A = \$17,000, APR = 2.55%, n = 12, Y = 3 yr. 6. A = \$10,000, APR = 8%, n = 12, Y = 6 yr. 7. At age 30, Michelle starts an IRA (Individual Retirement Account) to save for retirement. She deposits \$100 at the

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### UNFORMATTED ATTACHMENT PREVIEW

MAT 043 Lesson 23: Savings plan This is used when payments are regularly added to an account. Savings plan formula: = [ (+ () ) − ( ) ] A = total amount after y years PMT = amount of the payment APR = annual percentage rate n = number of payments made per year Y = time in years Use the savings plan formula to find each missing value. Round each monetary answer to the nearest cent if needed. Show your work! 1. PMT = \$500, APR = 2.5%, n = 12, Y = 20 yr. 2. A = \$200,500, APR = 12%, n = 4, Y = 12 yr. Practice Problems 3. PMT = \$75, APR = 7%, n = 12, Y = 10 yr. 1 4. PMT = \$250, APR = 1.5%, n = 6, Y = 8 yr. 5. A = \$17,000, APR = 2.55%, n = 12, Y = 3 yr. 6. A = \$10,000, APR = 8%, n = 12, Y = 6 yr. 7. At age 30, Michelle starts an IRA (Individual Retirement Account) to save for retirement. She deposits \$100 at the

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