Compounding Interest Formula Help Wanted

[rawwebdesign]

Hi Everyone,

I've been working on an excel spreadsheet to calculate at what date I'll be FI and am having a hard time getting the final formula to work.  Basically, I'm looking for a formula that can calculate:

"at 4% interest per year, how many monthly payments of $957 will it take to get to $1,139,000 assuming a starting amount of $60,090"

Does anyone have any experience with Excel... if so it would be greatly appreciated!

Thanks,
Brad

[Saverocity]

In excel the way I would work it out (which may not be the prettiest) would be to use two columns: A and B. Before doing so I would work out the monthly value of 4% annual so I would calculate 4/12=0.3333333333%

I would put the starting amount in A1, and then in B1 put the following: =A*100.3333333333%
I would then copy/paste B1 into A2, then drag (using the crosshair in the bottom right) both columns down really really far until they hit where I wanted, that would give you a month my month appreciation.

Not pretty, but quick and easy.

[MilStachian]

Raw,
Great website for Excel financial functions.

http://www.excel-easy.com/functions/financial-functions.html