Find the monthly payments for an ordinary annuity that will yield a future value of $122000 at % interest for 22 years.
payment
Use the same formula as the other post:
For an annual payment P for n years at interest rate r, the value of the investment is
A=Pr^n+Pr^(n-1)+....Pr
=Pr(1+r+r²+...+rn-1)
=Pr(rn-1)/(r-1)
Here A=122000
n=22
r has not been supplied.
Solve for P.
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