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Menu Label | Description | ||||
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| First Level |
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| Stores (or calculates) the total number of payments or |
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| compounding periods.*† (For a |
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| monthly payments, N=12 x 30=360.) |
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| Shortcut for N: Multiplies the number in the display by | |||
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| P/YR, and stores the result in N. (If P/YR were 12, then |
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30 @ Twould set N=360.)
UStoresas a percentage.(or calculates) the nominal annual interest rate
VStores (or calculates) the present value―an initial cash flow or a discounted value of a series of future cash flows (PMTs + FV). To a lender or borrower, PV is the amount of the loan; to an investor, PV is the initial
investment. If PV paid out, it is negative. PV always occurs at the beginning of the first period.
WStores (or calculates) the dollar amount of each periodic payment. All payments are equal, and no payments are skipped. (If the payments are unequal, use CFLO, not TVM.) Payments can occur at the beginning or end of
each period. If PMT represents money paid out, it is negative.
XStores (or calculates) the future value―a final cash flow or a compounded value of a series of previous cash flows (PV + PMTs). FV always occurs at the end of the last period. If FV is paid out, it is negative.
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Second Level
YSpecifies the number of payments or compounding periods per year.† (it must be an integer, 1 through 999.)
* When a
†The number of payment periods must equal the number of compounding periods. If this is not true, see page 87. For Canadian mortgages, see page 197.
| 5: Time Value of Money | 63 |
File name : | Print data : 2003/7/11 |
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