Question 1202734
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Answer: <font color=red>$552.32</font>



Work Shown:


15% of $92,200 = 0.15*92200 = 13,830


The down payment is $13,830


Future value of annuity formula.
{{{FV = P*((1+i)^n - 1)/i}}}
where,
FV = future value
P = periodic payment or deposit
i = interest rate per period (decimal form)
n = number of periods


In this case:
FV = 13830
P = unknown
i = 0.044/12 = 0.003666667 approximately
n = 12*2 = 24 months


{{{FV = P*((1+i)^n - 1)/i}}}


{{{13830 = P*((1+0.003666667)^(24) - 1)/0.003666667}}}


{{{13830 = P*25.0397432478757}}}


{{{P = 13830/25.0397432478757}}}


{{{P = 552.321957261814}}}


{{{P = 552.32}}}


You need to deposit <font color=red>$552.32</font> per month for 24 months (aka 2 years) to reach a goal of $13830. 
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