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Example 1 (Compound Interest)
Use a Compound Interest page (page 15-3-1) to determine the monthly payment ([PMT]) on
a 20-year (N = 20 × 12 = 240) mortgage with a loan amount (PV) of $100,000 at an annual
rate (
I
%) of 8.025%, compounded monthly (C/Y = 12). There are 12 payment periods per
year (P/Y). Be sure to input zero for the future value (FV), which indicates that the loan will
be completely paid off at the end of 20 years (240 months).
15-5-2
Amortization