Find the saving plan balance after 4 years with an apr of 7% and monthly payments of 100

APR=7%, monthly interest rate, i=7%/12=0.07/12

Monthly payment, A=100

After 4 years, n=4*12 = 48 months,

the balance F is therefore

F = A ((1+i) ^n-1) / i

=100 ((1+0.07/12) ^48-1) / (0.07/12)

=5520.92

Answer: the balance after 4 years at APR=7% with monthly payment of $100 is $5520.92 to the nearest cent.