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75 ,250
1
The problem is done in two steps:
1. Calculate the monthly payment without the balloon (FV=0).
2. Calculate the balloon payment after 4 years.
Keys:
@c
@c
e
Step 1. Calculate PMT for the mortgage.
25
@
13.8
75250
70
5: Time Value of Money
File name : English-M02-1-040308(Print).doc
13.8
X
4
12; End mode
2
Display:
Clears history stack and
Print data : 2004/3/9
12
47
48
Balloon.
Description:
Display TVM menu.
TVM variables.
If needed: sets 12 payment
periods per year; End
mode.
Figures and stores the
number of monthly
payments in 25 years.
Stores annual interest rate.
Stores amount of the loan.
Calculates monthly
payment.
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