Sharp EL-738F Operation Manual page 27

2
Calculate the quarterly payment for a $56,000 mortgage loan
at 6.5% compounded quarterly during its 20-year amortization
period.
PV = $56,000
Procedure
Set all the variables to
default values.
Make sure ordinary annuity is set (BGN is not displayed).
Set the number of pay-
ments per year to 4.
Confi rm the number of
compounding periods per
year.
Quit the P/Y and C/Y set-
tings.
Calculate the total
number of payments and
store in N.
Enter the present value.
Enter the future value.
Enter the annual interest
rate.
Calculate the quarterly
payment.
Answer: The quarterly payments are $1,255.86.
Calculating basic loan payments
PMT = ?
N = 4
. b
. w
i
s
20
56000
0
6.5
@ u
I/Y = 6.5%
×
20 years = 80
Key operation
4
Q
. < N
t
f
25
FV = 0
. . . . . .
Display
P/Y=
C/Y=
ANS~N
56———~PV
5600000
—~FV
6.5~I/Y
PMT=
-125586
000
400
400
000
8000
000
650