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Save $7,500 in 2 Years
This page works backward from $7,500. Give it 2 years and a rate of 4 percent and it finds the deposit.
The deposit comes to $300.69 a month. Interest covers $284 of the goal.
How the deposit is worked out
First find how much an empty account will grow to on its own over 24 months. Subtract that from the goal of $7,500 to get the gap. The monthly deposit is the gap times the monthly rate of 0.3333 percent, divided by the growth factor minus one. The growth factor is one plus the monthly rate raised to the power of 24.
Worked example
A deposit of $300.69 each month for 24 months grows to $7,500 at 4 percent.
Interest covers $284 of the goal. If your account paid nothing the deposit would have to rise to $312.50 a month.
Questions about this calculator
What would the deposit be for half the goal, $3,750, in 2 years?
$150.34 a month at 4 percent.
How long would $7,500 take if you deposited only $226 a month?
About 2 years 8 months. At $300.69 a month the goal takes 2 years.
What would saving $7,500 in 2 years take with no interest at all?
Simply the goal divided by 24 months, which is $312.50 a month. Interest at 4 percent trims that by $11.81.
What if you gave yourself one more year than 2 to reach $7,500?
Over 3 years the monthly deposit falls to $196.43. That is $104.26 less each month than over 2 years.
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This page is for education only and is not financial or tax advice.