You want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. You are given an investment plan
with a fixed APR of 6.2%, assuming that you make regular monthly deposits. How much should you deposit at the beginning of each month to reach your goal of $55,000 in 5 years? Round to the nearest cent.
Wow - that is an unusual calculation. You'll need a formula for the monthly payment of a monthly annuity, and it is located here: http://www.1728.org/annuity3.htm (see formula 2) You'll find THAT page and THIS page very helpful: http://www.1728.org/annuitym.htm
to get n the first thing you need to do si to get the n by itself, you do this by canceling out -26 by adding 26, and you also must add to the other side of the equation to balance it out. now with the n alone we know the answer. n = 13