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52
52
Section 3: Basic Financial Functions
Section 3:
Basic Financial Functions
52
52
Section 3:
Section 3:
Basic Financial Functions
Basic Financial Functions
Example 1: A 36-month loan for $4,500 accrues interest at a 15% annual
Example 1:
Example 1:
Example 1:
percentage rate (APR), with the payments made at the end of each month. If
interest begins accruing on this loan on February 15, 2004 (so that the first period
begins on March 1, 2004), calculate the monthly payment, with the odd days
counted on the basis of a 30-day month and compound interest used for the odd
period.
Keystrokes
Keystrokes
Keystrokes
Keystrokes
fCLEARG
gÕ
gÂ
?Æ
2.152004\
3.012004
gÒ
~
30z
36+w
15gC
4500$
P
Display
Display
Display
Display
Clears financial registers.
Sets date format to month-day-year.
Sets payment mode to End.
Turns on the C C C C indicator in the display,
so that compound interest will be used
for the odd period.
2.15
Keys in the date interest begins
accruing and separates it from the
next date entered.
3.012004
Keys in the date of the beginning of
the first period.
15.00
Actual number of odd days.
16.00
Number of odd days counted on the
basis of a 30-day month.
0.53
Divides by the length of a monthly
period to get the fractional part of
36.53
Adds the fractional part of
number of complete payment periods,
then stores the result in
1.25
Calculates and stores
4,500.00
Stores
–157.03
Monthly payment.
n
n.
i.
PV.
n.
to the
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