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196 14: Additional Examples
File name : English-M02-1-040308(Print).doc Print data : 2004/3/9
first payment, and a 30-day month is assumed.*
A Solver Equation for Odd-Period Calculations:
(For the
character, press .)
PV = the loan amount.
I% = the periodic interest rate.
DAYS = the actual number of days until the first payment is made.
PMT = the periodic payment.
N = the total number of payment periods.
FV = the balloon payment. A balloon payment occurs at the end of the
last (
Nth) period and is in addition to any periodic payment.
The following examples assume that you have entered the equation
named ODD, above, into the Solver. For instructions on entering Solver
equations, see “Solving Your Own Equations,” on page 29.
Example: Loan with an Odd First Period. A 36-month loan for $4,500
has an annual interest rate of 15%. If the first payment is made in 46
days, what is the monthly payment amount?
Select equation ODD in the Solver.
Keys: Display: Description:
Creates menu.
36
36 payment periods.
4500
Stores loan amount.
15
/
12 Stores periodic, monthly
*
You do not need to specify Begin or End mode. If the number of days until the
first payment is less than 30, Begin mode is assumed. If the number of days
until the first payment is between 30 and 59, inclusive, End mode is assumed.
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