Use the future value formula to find the indicated value. FV = $ 5330 n=24 ; i=0.08 ; PMT=? PMT=$ (round to the nearest cent)

The future value formula:

F=A ((1+i) ^n-1) / i = >

A=F*i / ((1+i) ^n-1) where A=annual (period) payment, i=0.08, n=24 years (or periods), and F=5330

=5330*0.08 / (1.08^24-1)

=82.83

Check:

F=82.83 ((1.08^24-1) /.08

=5530.125 ok.