Time Value Of Money/Amortization Schedule - Texas Instruments BA II PLUS User Manual

Time Value of Money/Amortization Schedule

This two-part example shows you how to use the TVM and
Amortization worksheets to compute the monthly payment on a
30-year loan and then generate an amortization schedule for the
first three years of the loan.
Example: Mortgage Payment
Using the TVM worksheet, determine the monthly payment on a
30-year mortgage with a loan amount of $120,000 and an annual
percentage rate of 9.125%.
Procedure
Set all variables to defaults.
Enter number of payments
using payment multiplier.
Enter interest rate.
Enter loan amount.
Compute payment.
Notice that the interest rate displays as 9.13, even though you
entered 9.125. The calculator uses 9.125 for
calculation. To see the stored value of
digits, press & |
The computed monthly payment is $976.36. Because
money paid out, it is displayed as a negative number.
54
Keystrokes
& } !
& Z ,
30
-
9.125
.
120000
% /
I/Y
! & U J
3
Display
RST
N= 360.00
I/Y=
PV= 120,000.00
PMT= -976.36
to make the
I/Y
displayed with three
.
I/Y
is
PMT
BA II PLUS™ Calculator
0.00
P
P
9.13
P
Q