Montly payment required to reach $16,000 in 15 years

[mactoolsix]

I know I've done this a hundred times, but it must be late.

Need formula to produce the required monthly payment to reach $16,000.
15 yrs x 12 payments
Earning 8.2% annually

Thanks!!
Mike

 

[JoeMo]

See Excel Help for the PMT function.

 

[AhoyNC]

I think this link will give you the formula you want.
http://financeformulas.net/Annuity-Payment-from-Future-Value.html#calcHeader

The formula in cell B6 below is using the formula adjusted for monthly data.
I then used the FV function in Excel to check the answer.

Excel Workbook
	A	B	C
1			Monthly
2	FV =	16000
3	rate (annually)	8.20%	0.006833333
4	Years	15	180
5
6	Payment / month	45.4240741
7
8	Check using FV function	$16,000.00
Sheet