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What is the equal monthly payment

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You anticipate being able to travel internationally once again (!) in 2022. You are (re)planning a trip to Japan, which will take place in 15 months' time. You wish to save over the course of the next 15 months, so that you have the entire cost of the trip in your account immediately before the trip starts. Your budget for the trip is $30,000; you plan on making even monthly payments into the account, with the first payment occurring today, and the last payment in 15 months. Your opportunity cost of funds is 2.5% per year, compounded monthly. What is the equal monthly payment that you must make into the account in order to meet your goal?

Reference no: EM132955593

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