I would like to have $1000 by Christmas. I would like to deposit a certain amount of money on the 3rd of each month in an account that earns 0.25 percent per month. I plan to open an account on January 3rd with my 1st deposit. I will make the last deposit on November 3, (11 deposits in all) I will close the account on December 2, after I receive the interest for the month. How much do I need to deposit each month?
Looks like that would be:
=PMT(0.025,11,0,1000)
80.11 per month. Might be 0.0025...
Last edited by JBeaucaire; 06-14-2014 at 02:25 PM.
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@Jackie
...are there many more of these similar questions to come?
If so can I suggest that since they're all essentially the same sort of thing you keep them all in one thread. You will then more easily see a common theme to the solutions.
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Thank you so much. I think I am over thinking these. Have a great day.
No, not happy, but financial formulas are my weak spot, so I'm trying not to shy away from them, I need to get proficient...
Well I have plenty of it and feel lost as a duck.
I got a response that this isn't to help with homework so I figured I better not put anymore on here. Thank you.
Jackie, people are more than amenable to helping, just not doing it for you.
I completely understand and need to try and work through then ask better questions. Thank you.
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