Sharp EL-738 operation manual 384457, 4800, 48275524, 1724476, 16729460

Page 37

2 Calculating payments, interest, and loan bal- ance after a speciﬁed payment

You have taken out a 30-year loan for $500,000, with an annual interest rate of 8.5%. If, after the 48th period, you want a balloon payment due, what amount of monthly payment must you make with monthly compounding and how much will the balloon pay- ment be?

Procedure	Key operation	Display

Set all the variables to	s.b
default values.		000
		000

Make sure ordinary annuity is set (BGN is not displayed).

Set TVM solver vari-	.w12 Q
ables and calculate	s30 .<
payment.	N500000 v0	PMT=
	T8.5 f@	PMT=
	u	-384457

Answer: The monthly payment is $3,844.57.

Now generate an amortization schedule from the ﬁrst to the 48th payments.

Procedure	Key operation			Display

Change to amortization	*1 Q			AMRT P1=
calculation and enter 1				AMRT P1=
calculation and enter 1				100
for the starting payment.				100

Enter 48 (December)	i	48	Q	AMRT P2=
Enter 48 (December)	i		Q	AMRT P2=
for the ending payment.				4800
				4800

Display the balance af-	i			BALANCE=
ter 48 months. (balloon				BALANCE=
ter 48 months. (balloon				48275524
payment)				48275524

Display the principal	i			ÍPRINCIPAL=
paid over 48 months.				-1724476
				-1724476
Display the interest	i			ÍINTEREST=
paid over 48 months.				-16729460
				-16729460

Answer: The balloon payment after the 48th period would be $482,755.24.

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Contents EL-738 Page Contents Operational Notes IntroductionKey Notations in This Manual Using the .andKeys Resetting the calculator Resetting the Calculator In Case of DifﬁcultyPreparing to Use the Calculator Calculator layout Calculator and Display LayoutKey operation keys 2ndF Display layoutSelecting the display notation and number of decimal places SET UP Menu0003 3333333000 Selecting the angular unit seeOperations available in each mode Selecting a modeOperating Modes Selecting the date format see343 140009000 Basic CalculationsDelete key ⋅ ⋅Memory clear key Editing and Correcting an EntryCursor keys Playback functionMemory use in each mode for memory calculations Errors500 192Independent memory M Temporary memories A-H, X-ZLast answer memory ANS TVM variablesMemory calculations Statistical variablesExample Key operation Financial calculations General InformationVariables shared among calculations Variables used in ﬁnancial calculationsTVM variables N, I/Y, PV, PMT, FV Basic variable operationsListed ﬁnancial variables Category Display symbols Descriptions ENT and Comp symbolsCompound interest Cash ﬂow diagramsVariable Corresponding Description Default Variable key Setting the payment period payment dueTVM Time Value of Money Solver Variables used in the TVM solverCalculating basic loan interest Basic examples for the TVM solver24000 12005600000 440008000 400125586 Calculating basic loan payments20000 3600FV= Calculating future value2000 1001000000 376889Ordinary annuity END Specifying payments dueAnnuity due BGN Ordinary annuity30000000 1800360 162457029950 240014500 299500150000 3400627995 Calculating down payment and amount to borrow90000 30000550 14655892Amortization Calculations Variable Description Default valueVariables used in amortization 8895148 61656203428 104852600 17004800 38445748275524 1724476Entering cash ﬂow data Discounted Cash Flow AnalysisSingle cash ﬂows Repeated cash ﬂows200 000*2300 Conﬁrming and editing dataEditing data 2500000Deleting data Inserting data600000 3000000Variables used in discounted cash ﬂow analysis NPV and IRRPlay in Normal mode Procedure Key operation Display Bring up the initial disTo obtain NPV To obtain IRRCalculating the present value of variable cash ﬂows 2314662752 Bond Calculations Setting the day-count methodVariables used in bond calculations To obtain yield to maturity Yield I/Y To obtain bond price Price PV10000 65015-2023 720728 9250Entering dates Depreciation Calculations Setting the depreciation methodVariables used in depreciation calculations Key operation DescriptionPage 5000000 3000Calculating straight-line depreciation Conversion between APR and EFF 1956To change APR to EFF To change EFF to APRVariables used in day and date calculations Day and Date Calculations22800 10-2009Calculating number of days Answer 228 daysPercent Change/Compound Interest Cal- culations Procedure Key operation Display Move to the last dateCalculate 11600000 75000005467 800000113 980000Cost/Sell/Margin/Markup Calculations Variables used in cost/sell/margin/markup calcula- tions9500 4556088842 Determining selling priceVariables used in breakeven calculations Breakeven CalculationsCalculating the breakeven point 7580 150000012000 33937Chain Calculations Constant Calculations071 0875000 4500Random numbers Random FunctionsRandom dice Random coinModify Function 532Random integer For a single-variable data set Entering statistical dataFor a two-variable data set x value y value J Key operation Sub-mode DisplayEntering statistical data 1000 2000 Single-variable statistical calculations Statistical Calculations and VariablesLinear regression calculations Quadratic regression calculationVariables Content 17857 53000Single-variable statistical calculation Linear regression calculation Quadratic regression calculation TVM solver Financial Calculation FormulasAmortization calculations Discounted cash ﬂow analysisBond calculations Conversion between APR and EFF Depreciation calculationsDay and date calculations Cost/Sell/Margin/Markup calculations Statistical Calcula- tion FormulasBreakeven calculations Error codes and error types Errors and Calculation RangesSyntax error Error Calculation error ErrorNo solution Error Equation too long ErrorDisplay error Error Input value error ErrorFunction Calculation range Calculation ranges of functionsInteger When to replace the battery Battery ReplacementAutomatic power-off function Replacement procedurePriority Levels in Calculations For more information about business/ ﬁnancial calculators SpeciﬁcationsKey operation and calculation priority Index Formulas, 72-75 FV, 18, 22, 72 GRAD, 8, 9, 61 Memo