Computing A Monthly Mortgage Payment - Texas Instruments BA Real Estate User Manual

Computing a Monthly Mortgage Payment

Solution
20 Mortgages and Amortization
Find the monthly payment on a home priced at $130,000
if the buyer makes a 10% down payment and finances the
balance with a 30-year mortgage at 9.125% annual
interest. If you are preparing a report for a client, fill in
the worksheet as you calculate the results.
Press
Steps
Clear TVM values.
Set P/Y and C/Y to 12.
Enter term in years.
Enter interest rate on
the loan.
Enter price less down
payment.
Compute monthly
payment.
Find the monthly payment if the term of the loan is 15
years instead of 30.
Steps
Change term to 15
years.
Compute payment.
until the BGN indicator disappears.
Keystrokes
12
30
9.125
130 10
Keystrokes
15
Display
0.00
P/Y = 12.00
C/Y = 12.00
12.00
TRM= 30.00
I% = 9.13
LN = 117,000.00
PMT= -951.95
Display
TRM= 15.00
PMT= -1,195.41