User Manual

32 Section 1: Using _ Effectively
32
Keystrokes
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´CLEARQ
Clears financial variables
30v12*A
360.00
Enters n = 30 × 12.
13v12÷B
1.08
Enters i = 13/12.
30000C
30,000.00
Enters PV = 30,000.
Á¦
-331.86
Calculates PMT (money paid out).
Example: You offer a loan of $3,600 that is to be repaid in 36 monthly payments of $100
with an annual interest rate of 10%. What balloon payment amount, to be paid coincident
with the 36th payment, is required to pay off the loan?
Keystrokes
Display
´CLEARQ
Clears financial variables
36A
36.00
Enters n = 36.
10v12÷B
0.83
Enters i = 10/12.
3600”C
-3600.00
Enters PV = −3600 (money paid out).
100Á
100.00
Enters PMT = 100 (money received).
E¦
675.27
Calculates FV.
The final payment is $675.27 + $100.00 = $775.27 because the final payment and balloon
payment are due at end of the last period.
Example: You're collecting a $50,000 loan at 14% annual interest over 360 months. Find the
remaining balance after the 24th payment and the interest accrued between the 12th and 24th
payments.
You can use the program to calculate accumulated interest and the remaining balance for
loans. The accumulated interest is equal to the total payments made during that time less the
principal reduction during that time. The principal reduction is the difference between the
remaining balances at the start and end of the period.
First, calculate the payment on the loan.