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17-4 Miscellaneous Programs and Equations
Variables Used:
Example:
Part 1. You are financing the purchase of a car with a 3–year (36–month) loan at
10.5% annual interest compounded monthly. The purchase price of the car is
$7,250. Your down payment is $1,500.
N The number of compounding periods.
I The periodic interest rate as a percentage. (For example, if the
annual interest rate is 15% and there are 12 payments per year,
the periodic interest rate, i, is 15÷12=1.25%.)
B The initial balance of loan or savings account.
P The periodic payment.
F The future value of a savings account or balance of a loan.
Keys:
(In RPN mode)
Display: Description:
8 ()
Selects FIX 2 display format.
(Ø as needed )
Displays the leftmost part of the
TVM equation.
P
value
Selects P; prompts for I.
Converts your annual interest
rate input to the equivalent
monthly rate.
value
Stores 0.88 in I; prompts for N.
value
Stores 36 in N; prompts for F.
B = 7,
2
5
0
_
1,5
00
I = 10.5% per year
N = 36 months
F = 0
P =
?