| Keys: | Display: | Description: | ||||||
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| Displays TVM menu. | |
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| @c | | Clears history stack and | ||||||
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| TVM variables. |
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| If needed: sets 12 | ||||
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| @c | | payment periods per year; | ||||||
| e | | End mode. | ||||||
v3 *12 | | Figures and stores number | |||||||
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| 10.5 | |
| | Stores annual interest rate. | ||||
v7250 | | Stores amount of the loan. |
| | Calculates payment. |
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| Negative value means |
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| money to be paid out. |
To calculate the interest rate that reduces the payment by $10, add 10 to reduce the negative PMT value.
v+10 | | | Stores the reduced | |
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| payment amount. |
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| Calculates the annual | |
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| interest rate. |
Example: A Home Mortgage. After careful consideration of your personal finances, you’ve decided that the maximum monthly mortgage payment you can afford is $630. You can make a $12,000 down payment, and annual interest rates are currently 11.5%. If you take out a
68 5: Time Value of Money
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