Question

Use the future value formula to find the indicated value. FV = $ 5330 n=24​; i=0.08​; PMT=? PMT=$ (round to the nearest cent)

Answer 1

Hi there
The future value formula is
Fv=pmt [(1+r)^(n)-1)÷r]
Solve the formula for PMT
PMT=Fv÷[(1+r)^(n)-1)÷r]
So
PMT=5,330÷(((1+0.08)^(24)−1)÷(0.08))
PMT=79.83

Good luck!