Using the Financial Application

Purchasing a Car

a.Tap mand then

b.Select Compound Interest

c.Tap the Help tap (very useful – tap again to close)

d.Input the values shown (leave PMT blank)

e.Tap the PMT or Solve in the status bar to solve for your monthly payment (you will need to pay $412.49 per month)

Calculating Options

a.How would your monthly payment change if you choose a less expensive car?

b.Change 18000 to 15000

c.Tap the PMT button to recalculate your monthly payment

d.Experiment with length of loan and interest level!

Calculate Interest you will Pay

a.Open the Calculations menu and select

Amortization

b.Input 1 for PM1 and 48 for PM2

c.Scroll down (use the right scrollbar)

d.Tap the button (so you are really paying $15,000+interest = $16499.68 for the car)

e.Assume you make a down payment of $3000 and pay $400 per month. Set PV to 12000 and PMT to -400. Tap again (interest is now -993.2996078)

CASIO ClassPad 330 and ClassPad Manager Software Version 3.04

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