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TI-83 Plus Applications 456
Amortization Example: Calculating an Outstanding Loan Balance
You want to buy a home with a 30-year mortgage at 8 percent APR.
Monthly payments are 800. Calculate the outstanding loan balance after
each payment and display the results in a graph and in the table.
1. Press
z
. Press
†
~
~
~
Í
to set the
fixed-decimal mode setting to
2
. Press
†
†
~
Í
to select
Par
graphing mode.
2.Press
Œ
Í
Í
to display the
TVM Solver
.
3. Press
Í
360
to enter number of payments.
Press
†
8
to enter the interest rate. Press
†
†
Ì
800
to enter the payment amount. Press
†
0
to enter the future value of the mortgage. Press
†
12
to enter the payments per year, which
also sets the compounding periods per year to
12
. Press
†
†
Í
to select
PMT:END
.