Savings Goal Calculator
Savings Goal Calculator, this Calculator will help you Calculate how much Money you will need to Set Aside every Month in order to reach your savings Goal in a Specified amount of years
Monthly Savings Table
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How To Calculate Monthly Saving Using Compound Interest Method
The Formulae is As Below
PV = Present Value or your Starting Balance
r = Annual Interest Rate %
n = Number Of Years
PMT= Savings Per Month
Saving Goal = PV (1+r)n + PMT x [ (1+r/n)n– 1/ (r/n)]
PMT = [Saving Goal- PV (1+r)n ] / [ (1+r/n)n– 1/ (r/n)];
Example: Eric Have a Starting Balance of $1000 , he set a Savings Goal is $5000 in 2Years Period , where the Bank Provide him an Interest Rate of 2%
PMT = [PV (1+r)n – Saving Goal ] / [ (1+r/n)n– 1/ (r/n)];
PMT = [$5000 -$1000(1+2%/100/12)2 Years x12 ]
/ [ (1+2%/100/12/2 Years) 2Years x 12– 1/ (2%/100/12/2Years)];
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