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

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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)];