Hello, newb here!
Math is something I've always really struggled with - no matter how hard I try or how simply I try to break down the information, I just can't seem to grasp it. I guess you could say, I fell behind in school and got lost. I can't do much past simple PEMDAS. As an adult, I haven't had to use it much, but now I'm running into a problem. I'm trying to put together a financial plan, I'd like to do this on my own in excel. I'm having a hard time coming up with the proper formulas (and if I do find them, I'm having trouble even solving them) for the following examples:
- I have 5000 in savings. I have 1 percent annual interest compounded monthly. How many months will it take me to save me to save 24000 if I deposit 450 monthly?
- I have a car loan with a balance of 21581. The monthly payment is 427.68. I pay an additional 200 per month. The interest rate is 4.65 percent. How many months will it take me to pay this loan off?
- I have a Roth IRA with a balance of 4981.44. I deposit 450 monthly. How much will I have in 35 years? (I understand the rate of return is 8 percent - I couldn't find an exact % on my statement)
I would really appreciate any help with this! Along with trying to find the answers, I'd like to really understand how to solve the problems.
Math is something I've always really struggled with - no matter how hard I try or how simply I try to break down the information, I just can't seem to grasp it. I guess you could say, I fell behind in school and got lost. I can't do much past simple PEMDAS. As an adult, I haven't had to use it much, but now I'm running into a problem. I'm trying to put together a financial plan, I'd like to do this on my own in excel. I'm having a hard time coming up with the proper formulas (and if I do find them, I'm having trouble even solving them) for the following examples:
- I have 5000 in savings. I have 1 percent annual interest compounded monthly. How many months will it take me to save me to save 24000 if I deposit 450 monthly?
- I have a car loan with a balance of 21581. The monthly payment is 427.68. I pay an additional 200 per month. The interest rate is 4.65 percent. How many months will it take me to pay this loan off?
- I have a Roth IRA with a balance of 4981.44. I deposit 450 monthly. How much will I have in 35 years? (I understand the rate of return is 8 percent - I couldn't find an exact % on my statement)
I would really appreciate any help with this! Along with trying to find the answers, I'd like to really understand how to solve the problems.
