SOLUTION: Find the monthly payment that will yield the given future value. (Round your answer to the nearest cent.) $105,000 at 9 1/4% interest for twenty-nine years; ordinary annuity

Question 542441: Find the monthly payment that will yield the given future value. (Round your answer to the nearest cent.)
$105,000 at 9 1/4% interest for twenty-nine years; ordinary annuity
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
your answer is:
$60.07842193 invested at the end of each month for 29 years will yield $105,000 at the end of that period of time.
i used a financial calculator.
you can also find the answer using the payment for a future month formula.
you would set the monthly interest rate at 9.25 / 12 = .770833333
you would set the number of time periods at 29 * 12 = 348.
the formula for payment of a future amount can be found in the following tutorial.
http://www.algebra.com/algebra/homework/Finance/PMTFV.lesson
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