Math
posted by Sherri .
I need $35,000 in 5 years @ 3% interest. How do I calculate how much I need to put in each month to make it.

Math 
Reiny
Assume we are dealing with compound interest and the interest is compounded monthly
i = .03/12 = .0025
let the monthly deposit be P
P(1.0025^60  1)/.0025 = 35000
..
..
P = 541.40
Respond to this Question
Similar Questions

prealgebra
Shannon put $ 7,000 in a 5 year CD that paid 8% interest per year. Malcolm put $6,000 in a 5 year CD that paid 10% interest. What was the balance of each person's account at the end of the 5 years? 
Accounting
A woman would like to open a store in 8 years. She figures she will need 50,000 in capital to do so. She will make 10% on her money. a. How much would she need to invest today in one lump sum to end up with 50000 in 8 years? 
savannah tech
Jessica need 74,000 in 6 years to buy a car how much she need to save every month she get 6% interest so how much without the interest 
Finance
You want to be able to withdraw $25,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 6.7% interest while retired Round … 
Math Interest rates/percents
Calculate the simple interest for each situation. Which choices have a simple interest grater than $800. Select all that apply: $2,000 at 6% for 7 years $4,500 at 3% for 6 years $1,400 at 6% for 9 years $5,000 at 7% for 3 years $800 … 
College Statistics
How much should you invest each month in order to have $800,000 if your rate of return is 5.3% compounded monthly and you want to achieve your goal in 40 years? 
Savings
A. How much should you invest each month in order to have $800,000 if your rate of return is 5.3% compounded monthly and you want to achieve your goal in 40 years? 
Math Interest Rates
Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest. A. how much does she have in her account at the end of 3 years? 
math 107
Suppose you want to have $600,000 for retirement in 35 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? 
Math
Jenny and Dan want to save for an RV.They estimate that they will need $15,000 in 8 years. They can get 3% interest compounded semiannually. How much would they need to deposit now in order to have $15,000 in 8 years ?