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286 Finance app
3. In the I%/YR field, type 5.5—the interest rate—and
press
E
.
4. In PV field, type 19500
w 3000 and press
E
. This is the present value of the loan, being
the purchase price less the deposit.
5. Leave P/YR and
C/YR both at 12
(their default values).
Leave End as the
payment option. Also,
leave future value, FV,
as 0 (as your goal is
to end up with a
future value of the loan of 0).
6. Move the cursor to
the PMT field and tap
. The PMT
value is calculated as
–315.17. In other
words, your monthly
payment will be
$315.17.
The PMT value is negative to indicate that it is money
owed by you.
Note that the PMT value is greater than 300, that is,
greater than the amount you can afford to pay each
month. So you ned to re-run the calculations, this time
setting the PMT value to –300 and calculating a new
PV value.
7. In t he PMT field, enter
Q 300 move the cursor to
the PV field, and tap .