I need help to get equation what to put in excel to get the same answer below

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I need help to get equation what to put in excel to get the same answer below the question.

Also, can I know what the variables are stand for?

Q : I know I'm going to need a new car in five years. I'm anticipading $20,000. How much do i have to save in order to be able to pay cash for car? I currently get a 10% return on my saving:

A : = pmt(0.1/12,60, ,-20000) $258.27 =FV(0.1/12,60,-258.27)

Related Book For answer-question

Fundamentals of Case Management Practice Skills for the Human Services

ISBN: 978-1305094765

5th edition

Authors: Nancy Summers

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Posted Date: Feb 06, 2024 12:54 AM

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I need help to get equation what to put in excel to get the same answer below

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Expert Answer:

To calculate the amount you need to save in order to pay cash for a car in five years you can use the Excel functions PMT and FV Heres how you can set ... View the full answer

Fundamentals of Case Management Practice Skills for the Human Services

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