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Chapter 9: Financial Features
17. Press E.
18. Press { 3 times to move the cursor to PMT (payment
19. Press @ h .
20. Payment amount per month
Answer:
You have to pay $1,073.64 per month for 30 years.
Simple interest and compound interest
There are two ways to calculate interest: simple and compound. In the FINANCE mode,
the calculator can execute compound interest calculations.
Example of depositing $10,000 in a bank for 3 years at an annual interest rate of 3%
Period
First year
Second year
Third year
With compound interest, the amount in the bank is increased by receiving interest on
the interest gained during each calculated period.
188
Usually C/Y (cumulative
interest per year) is the same
value as P/Y. If not, enter the
value instead.
amount).
The result will appear as follows.
PMT = -1073.643246
(Negative value indicates
payment.)
The numerical value input
format and display format in
the FINANCE mode comply to that of SETUP.
The above answer is given when the FSE setting in SET UP
menu is set to FloatPT. If you wish to display 2 digit decimal
point format, set TAB to 2 and FSE to FIX.
Simple interest
Receive $10,000 x 0.03 =
$300
Receive $300 (constantly)
Receive $300 (constantly)
Compound interest
Receive $10,000 x 0.03 =
$300
Receive $10,300 x 0.03 =
$309
Receive $10,609 x 0.03 =
$318.27
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