The formula for the PAYMENT, per period, to an ORDINARY ANNUITY should be used.

This is EITHER:    OR   , where:

  = Monthly Payment (Unknown, in this case)

 = The future value in the amount of time (years), or the amount that will be available then ($40,000, in this case)

    = Interest rate, per year (7%, or .07, in this case)

    = Number of compounding periods per year (monthly, or 12, in this case)

    = Time, in years, the money is invested (5, in this case)

Each MONTHLY payment or  

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