#1**0 **

153000(.04/12)/[1-(1+.04/12)-12(15)]

This the TVM formula to calculate the monthly payment required to save $153,000 over a period of 15 years in the future. However, you have made a small mistake in writing it. It should be written like this:

$153,000*(0.04/12) / [1 -(1+0.04/12)^(-12*15)]

$153,000*(0.0033333) / [1 - (1.0033333)^(-180)]

$510 / [0.45063721031272090137130624075444]

**=$1,131.72 - The monthly payment required to save $153,000 in the future.**

Guest Oct 12, 2017