Computing And Graphing Mortgage Payments - Texas Instruments TI-84 Plus Manual Book

Computing and Graphing Mortgage Payments

Computing and Graphing Mortgage Payments Computing and Graphing Mortgage Payments Computing and Graphing Mortgage Payments
Problem Problem
Problem Problem
You are a loan officer at a mortgage company, and you recently closed on a 30-year
home mortgage at 8 percent interest with monthly payments of 800. The new home
owners want to know how much will be applied to the interest and how much will be
applied to the principal when they make the 240th payment 20 years from now.
Procedure Procedure
Procedure Procedure
1. Press z and set the fixed-decimal mode to
settings to the defaults.
2. Press Œ Í Í to display the
Enter a positive number (
Note:
will be displayed as positive numbers on the graph. Enter
value of a loan is 0 once it is paid in full. Enter
end of a period.
3. Move the cursor onto the
value, or mortgage amount, of the house is displayed at the
Chapter 17: Activities
TVM Solver
) to show
800
prompt, and then press ƒ \. The present
PV=
decimal places. Set the other mode
2
. Enter these values.
as a cash inflow. Payment values
PMT
for
0
, since payment is due at the
PMT: END
PV=
, since the future
FV
prompt.
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