February 18th, 2017, 06:45 AM  #31 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,279 Thanks: 1023 
Ya. Imagine trying to explain a formula involving logs and the likes! 1st thing I do when I try to solve a problem given here is change the damn given example to something as simple as possible. Like, in this case: target = 28830, r = .10, term = 27 : Code: 01 1000 1000 02 1000 2000 ... 12 1000 12000 13 1100 13100 ... 24 1100 25200 25 1210 26410 26 1210 27620 27 1210 28830 Get my drift 
February 18th, 2017, 07:26 AM  #32  
Senior Member Joined: May 2016 From: USA Posts: 1,310 Thanks: 551  Quote:
Same idea except I started with a simple payment rather than a simple total. I think skipjack may have been there from the start, but I really did not get what the problem even was until about page 2.  
February 18th, 2017, 09:50 AM  #33 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,279 Thanks: 1023 
Mine was using future value of annuity formula (treating the percentage increase as an interest rate) for the complete years, then adjusting by subtracting above from the target amount... as you say, same general idea... 
February 18th, 2017, 06:33 PM  #34  
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,279 Thanks: 1023  Quote:
After that change plus inserting the missing half bracket, it works fine. Plus simpler than mine  
February 18th, 2017, 07:28 PM  #35 
Global Moderator Joined: Dec 2006 Posts: 20,467 Thanks: 2038 
It should be $P_0 = \dfrac{S}{12((1 + r)^Y  1)/r + M(1 + r)^Y}$.

February 18th, 2017, 07:59 PM  #36 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,279 Thanks: 1023 
Skip, doesn't that simply change the result from negative to positive? Anyway, I prefer positive! 
March 31st, 2017, 02:17 AM  #37  
Newbie Joined: Mar 2017 From: Portland, OR Posts: 5 Thanks: 0  Quote:
 
March 31st, 2017, 09:56 PM  #38 
Senior Member Joined: May 2008 Posts: 299 Thanks: 81  Beer soaked comment follows. I must have been sober at the time when this thread started out. Good stuff. 

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