Savings Goal Payment

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$P = (i*F)/((1+i)^n-1)$

$(F)"Future Amount"$

$(i)"Annual Interest Rate"$

$(n)"period"$

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The Savings Goal Payment equation computes the required monthly payment (P) to reach a savings goal (F) over a number of years (n) at a fixed annual interest rate (i). /attachments/e6d3fd1a-da27-11e2-8e97-bc764e04d25f/3D Piggy Bank (7960787444_47853ff66f_z).jpg ¹

If you want to reach a savings goal of (F) = $25,000.00, on an investment making 10% fixed compounded interest (i) over 5 five years (n), this formula will tell you that you need to invest $322.84 per month.

^ 3D Piggy Bank: Flickr / Chris Potter https://www.flickr.com/photos/86530412@N02/7960787444/in/photolist-d8t7KW-payu2G-7knitH