Find the monthly payments for an ordinary annuity

that will yield a future value of $80000 at 9 1/2%
interest for 38
years.
I DON'T KNOW HOW TO SOLVE THIS PROBLEM CAN SOME ONE HELP ME???

To find the monthly payments for an ordinary annuity, you can use the formula for the present value of an ordinary annuity:

PV = PMT × [(1 - (1 + r)^(-n)) / r]

Where:
PV = Present Value (the future value you want to achieve, in this case, $80,000)
PMT = Monthly Payment
r = Interest rate per period (in decimal form, so 9 1/2% becomes 0.095)
n = Number of periods (in this case, 38 years)

Now, let's plug in the values into the formula and solve for PMT:

PV = PMT × [(1 - (1 + r)^(-n)) / r]
$80,000 = PMT × [(1 - (1 + 0.095)^(-38)) / 0.095]

To calculate this equation, you can use a calculator or a spreadsheet software like Microsoft Excel. By inputting the equation directly, you'll get the value of PMT, which represents the monthly payment.

Alternatively, you can use financial calculators or online annuity calculators, which can solve the equation automatically. Just enter the appropriate values (future value, interest rate, and number of periods), and it will calculate the monthly payment for you.