You have to solve for the payment of an ordinary annuity. A financial calculator does this easily, or a spreadsheet function. You can also use a formula. In all cases you have to understand annuities and compound interest.

FV = 24,000

N = 36 months

i% = .408333%

PV = 0

PMT = ?

$620.22

Someone wants to save $24,000 in 3 years in an account with 4.9% interest compounded monthly. How much should they deposit monthly over the next 3 years to have that goal money saved?

I don't exactly need the answer, I'm just confused about what formula to use. If you could show me the steps that'd be great though so I can check my work.

Thanks!