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Example:
Amortization for a
home mortgage
Finance app
1. Start the Finance app.
2. Specify the number of payments per year (P/YR).
3. Specify whether payments are made at the beginning
or end of periods.
4. Enter values for I%YR, PV, PMT, and FV.
5. Enter the number of payments per amortization
period in the Group Size field. By default, the
group size is 12 to reflect annual amortization.
6. Tap
. The calculator displays an amortization
table. For each amortization period, the table shows
the amounts applied to interest and principal, as well
as the remaining balance of the loan.
Using the data from the previous example of a home
mortgage with balloon payment (see page 267),
calculate how much has been applied to the principal,
how much has been paid in interest, and the balance
remaining after the first 10 years (that is, after 12 × 10 =
120 payments).
1. Make your data
match that shown in
the figure to the right.
2. Tap
.
269
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