A Little Math

Perhaps I should have done this prior to setting the audacious goal that I set. However, if I am to reach the 10,000 mark by the time I am 30 years old, that means I have to pay approximately $1,350 a month, every month, until January 2017. (See how I figured this out below).

Right now I am putting in $800 a month.  However, if you take my $2,000 summer expected income and spread it out over the next 8 months, that bumps the $800 up to $1050.  Still quite the shortfall.

This should say: Your end goal is ridiculous. Set something that is attainable.  However, I’m not listening. Onward I go, with the first goal being pay off $5,000 of principal by the end of the year. That goal is well within reach. Actually, my nifty calculator program says I will hit that mark with $800 installments.  So, what if I actually exceed this first goal? What if I am able to knock out $6,000 in the remaining 8 months?  What if $6,500?  Right now that’s where the focus lies.  Marathon, marathon, marathon.

***

Combining my computer science training and math teacher powers, I wrote a mini-program on my TI-84:

P = Current Balance
R = Interest Rate
X = Monthly Payment
I = 0

While P > 10,000 {
P= (P+((P*R)/365.65)*30)-X)
I++;
}

Print I

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