Sharp EL-9600c Solving a Literal Equation Using the Equation Method Amortization, Example, 1-1+

EL-9650/9600c Graphing Calculator

Solving a Literal Equation Using the Equation Method (Amortization)

The Solver mode is used to solve one unknown variable by inputting known variables, by three methods: Equation, Newton’s, and Graphic. The Equation method is used when an exact solution can be found by simple substitution.

Example

Solve an amortization formula. The solution from various values for known variables can be easily found by giving values to the known variables using the Equation method in the Solver mode.

The formula : P = L

		I	-N	-1
1-(1+			)	P= monthly payment	I= interest rate
		12
	I / 12			L= loan amount	N=number of months

1. Find the monthly payment on a $15,000 car loan, made at 9% interest over four

years (48 months) using the Equation method.

2. Save the formula as “AMORT”.

3. Find amount of loan possible at 7% interest over 60 months with a $300

payment, using the saved formula.

Before There may be differences in the results of calculations and graph plotting depending on the setting. Starting Return all settings to the default value and delete all data.

Step & Key Operation Display Notes

*Use either pen touch or cursor to operate.

1-1Access the Solver feature.					This screen will appear a few
					seconds after “SOLVER” is dis-
	2nd F	SOLVER			played.
1-2Select the Equation method for
solving.
	2nd F	SOLVER	A	*
1 *
1-3Enter the amortization formula.

2nd F SOLVER P = L

ALPHA

	(		a/b		1	—		(	1
ALPHA			1	a/b		1	2			*
ab		-	)	ALPHA		N
		(
ALPHA			I		⎟	1	2			*
a				1
		(	-
	b

+

)

*

)

3-1