Math 125 finite and modeling

Question

What monthly payment is needed for annuity to reach $25,000 over 15 years if you

earn 8.5% interest?

Answer 1

PMT=$25,000

r=8.5%

n=15

P=$25,000*1-(1/1+0.085/0.085/12)^-12*20

P=$196.964 at 8.8% interest rate, a $25,000 annuity pays a monthly annuity of $196.964