Getting Started: Financing A Car - Texas Instruments TI-84 PLUS - Graphing Calculator Manual Book

2. Select from list of functions.

Getting Started: Financing a Car

Getting Started is a fast-paced introduction. Read the chapter for details.
You have found a car you would like to buy. You can afford payments of 250 per month for four
years. The car costs 9,000. Your bank offers an interest rate of 5%. What will your payments be?
Can you afford it?
1. Press z † ~ ~ ~ Í to set the fixed-decimal
mode setting to .
2
2. Press Œ Í to select
menu.
APPLICATIONS
3. Press Í to select
menu. The TVM Solver is displayed.
CALC VARS
4. Enter the data:
N (number of payments)=
I% (interest rate)=
PV (present value)=
FV (future value)=
P/Y (payments per year)=
C/Y (compounding periods per year)=
5. Select , which indicates that payments are
PMT:END
due at the end of each period.
6. Move the cursor to PMT and press ƒ \. Can
you afford the payment?
from the
1:Finance
from the
1:TVM Solver
48
5
9000
0
12
12
Chapter 14: Applications 252