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#1
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How to use FV function to find a payment to reach a specific goal
I have a goal to save $50,000.00 in eight years. My annual interest rate is
6.35%. What amount would I need to put away monthly, to obtain this goal? How would I use FV and Goal Seek command to get this done? |
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#2
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Use the PMT function. Look in HELP for details; don't forget to divide the
interest% by 12 if you have monthly payments. Kind regards, Niek Otten "Duke20" wrote in message ... I have a goal to save $50,000.00 in eight years. My annual interest rate is 6.35%. What amount would I need to put away monthly, to obtain this goal? How would I use FV and Goal Seek command to get this done? |
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#3
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You don't need Goal Seek. Just use the PMT function:
=pmt(6.35%/12,8*12,0,-50000,1) The answer is just under $400 per month. -- Regards, Fred "Duke20" wrote in message ... I have a goal to save $50,000.00 in eight years. My annual interest rate is 6.35%. What amount would I need to put away monthly, to obtain this goal? How would I use FV and Goal Seek command to get this done? |
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