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Math Help - Formula for calculating recurring payments?

  1. #1
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    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?
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  2. #2
    Eater of Worlds
    galactus's Avatar
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    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.
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  3. #3
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    Wow, thank you so much! I'm not the sharpest tool in the shed when it comes to math as you can tell
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