Getting Started: Financing A Car - Texas Instruments TI-82 STATS Manual Book

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. The car costs 9,000. You can afford
payments of 250 per month for four years. What annual percentage rate (APR) will
make it possible for you to afford the car?
1. Press z † ~ ~ ~ Í to set the
fixed-decimal mode setting to
TI-82 STATS will display all numbers with
two decimal places.
2. Press y [
FINANCE
FINANCE CALC
3. Press Í to select
is displayed.
Solver
Í to store 48 months to
Press
48
† Í to store 9,000 to
9000
Í to store L250 to
250
indicates cash outflow.) Press
0 to . Press
FV 12
per year to
P/Y
per year to . Setting
C/Y
compute an annual percentage rate
(compounded monthly) for
to select
PMT:END
payments are due at the end of each period.
4. Press } } } } } } to move the cursor to
prompt. Press ƒ [
æ æ æ æ
the
æ æ æ æ
for . What APR should you look for?
14–2 Financial Functions
. The
2
] to display the
menu.
1:TVM Solver
PV
. (Negation
PMT
Í to store
0
Í to store 12 payments
and 12 compounding periods
to 12 will
P/Y
. Press † Í
æ æ æ æ
, which indicates that
SOLVE
. The
TVM
Ú Ú Ú Ú
. Press
. Press Ì
] to solve