Monthly Payments - Texas Instruments BA II PLUS User Manual

Monthly Payments

You are planning to purchase a new small desk and chair set
that is sale priced at $525. You can finance your purchase at
20% APR, compounded monthly, for two years. How much is
the monthly payment?
PV = $525
0
Example: Monthly Payments
Procedure
Set all variables to defaults.
Enter number of payments
using payment multiplier.
Enter interest rate.
Enter loan amount.
Compute payment.
Your monthly payment is $26.72.
2: TVM and Amortization Worksheets
PMT = ?
. . .
1
I/Y = 20 ÷ 12
PMT = ?
23
Keystrokes
& } !
& Z ,
2
-
20
S .
525
% /
FV = $0
PMT = ?
N = 24
Display
RST 0.00
N= 24.00
I/Y= 20.00
PV= -525.00
PMT= 26.72
49
P
P
P
Q