Next successive set of payments authorized

b.To calculate a subsequent schedule with a different number of payments, key in that number and press .

c.To start over from payment #1 (using the same loan information), press @cand proceed from step 7.

Example: Displaying an Amortization Schedule. To purchase your new home, you have taken out a 30-year, $65,000 mortgage at 12.5% annual interest. Your monthly payment is $693.72. Calculate the amount of the first year’s and second year’s payments that are applied toward principal and interest.

Then calculate the loan balance after 42 payments (3½ years).

Keys:

Display:

Description:

 

 

 

 

 

 

Displays TVM menu.

 

 

 

 

 

 

12.5

 



Stores annual interest

 

 

 

 

 

 

 

 

rate.

 

 

65000



Stores loan amount.

693.72 &

 

 

Stores monthly

 

 

payment.

 



 

 

If needed: sets 12

 

@c

   

payment periods per

 

 

 

 

 

 

 

 

year; End mode.

 

 

Displays AMRT menu.

 

  

 

 

 

 

 

 

 



 

80 5: Time Value of Money

File name : English-M02-1-040308(Print).doc Print data : 2004/3/9