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Your fixed expenses are $1,763.25/month. You saved 6 months' worth for an emergency fund in a savings account earning a 4.5% APR over 3 years. After 3 years, you withdrew $4,360.00 because of losing your job. What is your balance after the withdrawal?

Respuesta :

aperry02
$1,763.25 X 6 = $10,579.50 

$10,579.50 X 1.045^3 = $12,072.97  

$12,072.97 - $4,360.00 = $7,712.97  

The balance after the withdrawal is $7,712.97  

Interest lost in one month is: 

$4,360.00 X 4.5% / 12 = $16.35
adioabiola

The new balance after the withdrawal is; $9417.3

Interest rates and Balance

The principal amount is; $1,763.25/month

Hence, it follows that after 6 months; the balance is;

  • Principal amount = $1,763.25 × 6

  • P = $10579.5

Hence, at a rate of 4.5% APR over 3 years; the new balance is;

  • Balance = $10579.5(1.045)⁶

  • Balance = $13,777.3

Hence, upon withdrawal of $4,360.00, the new balance is;

  • New balance = $13,777.3 - $4,360.00

New Balance = $9417.3

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