You want to save $$20000$ for a new car over the time you are at university $(5$ years$)$ by saving the same amount A each month. You can get $7\%$ compounded monthly. What should you save each month?

Example

You save $$300/$month in your "everyday savings account" which has $5\%$ interest rate compounded monthly. How much money will you have at the end of $7$ years