Sharp EL-738XTBN Operation Manual page 31

Procedure
Enter the total number
of payments.
Enter the future value.
Set the present value to
zero.
Enter the annual inter-
est rate.
Calculate payment.
Answer: The monthly investment should be $16,245.70.
2
You plan to purchase a new car with a value of $87,918 on a
60-month lease. If the annual interest rate is 6.75%, the contractual
purchase option price at lease end is $17,500, and payment is due
at the beginning of each month, how much should you pay each
month?
PV = $87,918
PMT = ?
Procedure
Set all the variables to
default values.
Set to annuity due
(BGN is displayed).
Set the number of pay-
ments per year to 12.
s 18 N
300000 t
0
3.6 f
@ u
Calculating lease payments (Annuity due)
. . . . . . . . . . . . . . . . . . . .
N = 60
. b
. "
. w 12 Q
Key operation
I/Y = 6.75%
Key operation
29
Display
18~N
1800
3—————~FV
30000000
—~PV
3.6~I/Y
PMT=
-1624570
FV = –$17,500
Display
P/Y=
1200
000
360
000
000