Find the ordinary annuity?

Question

Find the monthly payment, R, needed to have a sinking fund accumulate the future value,A. The yearly interest rate,r, and the number of payments,n, are given.Interest is compounded monthly.Use the formula for finding the future value of an ordinary annuity. A=10,000      r=8%    n=60      It says I have to round to the nearest cent as needed.

Answer 1

mi ges: yu start with 10,000$, add in interest at 5% evree month, for  60 months (5 yr)

5/12=0.4166666% per month

kompound=(1.0041666666666)^60

kompound interest=1.2833586785035* start $

=12,833.59$