# Formula for calculating recurring payments?

• August 3rd 2007, 09:08 AM
johnroberts
Formula for calculating recurring payments?
Hi,

I have an assignment due for a class and I am having alot of difficulty trying to figure this one out.

Say you receive a recurring payment of $1000 a month for 12 months. Each month, you receive another recurring payment for$1000. So in 3 months, you would have received $3000 for the first payment+$2000 for the second payment+$1000 for the third payment. The total would be$6000.

Is there a formula I can use to calculate this easier besides doing it all step by step?
• August 3rd 2007, 10:34 AM
galactus
In that event you could just use $\frac{n(n+1)}{2}$

That way, with an increasing amount of $1000 each month, by 12 months you have$78000.
• August 3rd 2007, 10:40 AM
johnroberts
Wow, thank you so much! I'm not the sharpest tool in the shed when it comes to math as you can tell