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104
Purchasing with payment in n-month installments
If you wish to buy goods with the price of P by n-month installments, this
program determines the payment per month.
1. Press b 2 1 0 to open a window for creating a NEW
program.
2. Type PAYBYMN for the title then press e.
•A NEW program called ‘PAYBYMN’ will be created.
3. Enter the program as follows.
Program code Key operations
Print”PRICE i 1 @ a PRICE ;
e
Input P i 2 ; P e
Print”DOWN PAYMENT i 1 @ a DOWN s
PAYMENT ; e
Input D i 2 ; D e
Print”MONTHS i 1 @ a MONTHS ;
e
Input N i 2 ; N e
Print”RATE i 1 @ a RATE ;
e
Input I i 2 ; I e
I=I©100 ; I ; = ; I z 100
e
S=(P-D)˚I©(1-(1+I)^(-N))
; S ; = ( ; P -
; D ) k ; I z ( 1
- ( 1 + ; I ) m
( S ; N ) ) e
Chapter 8: Application Examples
S = (P – D) —————
where S:payment due every month n: n-month installment
P: price of the product D: down payment
i: installment payment interest rate (%)
i
1 – (1 + i)
–n