Amortization Of A Loan - Casio CFX-9970G User Manual

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Amortization of a Loan

The following calculation is performed after conversion from the nominal interest
rate to the effective interest rate, and the result is used for all subsequent
calculations.
Press 4 (
amortization.
• {
• {
• {%
Example
Display the TVM Menu and then press 2.
P.7 In the set up screen, specify "End" for Payment and then press J.
i = I%'÷100
AMT
) from the initial screen 1 to display the following input screen for
PM1 ................ first installment of installments 1 through
PM2 ................ second installment of installments 1 through
n
..................... installments
I
% ................... interest rate
PV
.................. principal
PMT
............... payment for each installment
FV
.................. future value
P Y
/ .................. installments per year
C Y
/ ................. compoundings per year
BAL
} ... {balance of principal after installment PM2}
INT PRN
}/{ } ... {interest}/{principal} portion of installment PM1
INT PRN
}/{% } ... {total principal}/{total interest} from installment PM1 to
payment of installment PM2
Calculate the monthly installment due on a $140,000 15-year
home mortgage at an annual rate of 6.5%, compounded
semiannually.
Also calculate
installment),
installments 24 through 49.
PRN INT
and for the second year (24th
BAL
for installment 49, and %
n
n
INT, PRN
for
%
340