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

For an ordinary annuity, use the future value formula: payment × [((1 + monthly rate)^number of payments − 1) ÷ monthly rate]. The monthly rate is 6% ÷ 12 = 0.5%, so the balance is $800 × [((1.005)^18 − 1) ÷ 0.005] ≈ $15,028.63. The correct choice is $15,028.63.

AI-written and checked against the verified answer.