Computing And Graphing Mortgage Payments - Texas Instruments TI-83 Manual Book

Computing and Graphing Mortgage Payments

Problem
Procedure
17-18 Applications
You are a loan officer at a mortgage company, and you
recently closed on a 30-year home mortgage at 8 percent
interest with monthly payments of 800. The new home
owners want to know how much will be applied to the
interest and how much will be applied to the principal
when they make the 240th payment 20 years from now.
1. Press z and set the fixed-decimal mode to
places. Set the other mode settings to the defaults.
2. Press y [
FINANCE
these values.
Note: Enter a positive number (
inflow. Payment values will be displayed as positive numbers on
0
the graph. Enter
it is paid in full. Enter
of a period.
3. Move the cursor onto the
ƒ [
]. The present value, or mortgage amount,
SOLVE
of the house is displayed at the
] to display the
1
800
) to show
FV
for , since the future value of a loan is 0 once
PMT: END
, since payment is due at the end
prompt, and then press
PV=
PV=
decimal
2
. Enter
TVM Solver
PMT
as a cash
prompt.