Find the savings plan balance after 18 months with an APR of 6% and monthly payments of $800. Assume an ordinary annuity.

The formula for this calculation is Future Value = Payment • [ ((1 + I) n - 1) / I], where I = interest rate, and n = periods.

In this case, P = $800/month, n = 18 months, and I = 6% (0.06) per year.

Since the information involves months instead of years, it is necessary to divide the interest rate by 12 to obtain the monthly rate. So, 0.06 : 12 = 0.005

We can then enter the information into our formula to obtain:

FV = $800 • [ ((1.005) 18 - 1) /.005]

FV = $800 • [ (1.0939 - 1) /.005]

FV = $800 • (0.0939/0.005)

FV = $800 • 18.785

FV ≅ $15,028