Diego contributes to a money market account that earns 4.8% annual interest. What should his monthly payment be if he wants to accumulate $210,000 in 30 years?

Question

Diego contributes to a money market account that earns 4.8​% annual interest. What should his monthly payment be if he wants to accumulate ​$210,000 in 30 ​years?
Thank you so much!!

Steve · Answer

Just plug your numbers into your FV annuity formula, and you get P((1 + .048/12)^(12*30)-1) / ((1 + .048/12) - 1) = 210000 P = 261.80

Diego contributes to a money market account that earns 4.8​% annual interest. What should his monthly payment be if he wants to accumulate ​$210,000 in 30 ​years?

Diego contributes to a money market account that earns 4.8% annual interest. What should his monthly payment be if he wants to accumulate $210,000 in 30 years?