Thread: 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?

In that event you could just use

That way, with an increasing amount of $1000 each month, by 12 months you have $78000.

Wow, thank you so much! I'm not the sharpest tool in the shed when it comes to math as you can tell