Specifications

34
8. Press
i
to calculate the next period of the amortization
schedule.
9. Repeat steps 5 to 7 above.
• If you press
@
during “AMRT P1” and “AMRT P2” entry,
the values for the next period of payment will be automatically
calculated and displayed.
• To end amortization calculations, press
s
. Pressing
s
during entry will clear the value entered.
Calculating mortgage payments and generat-
ing an amortization schedule
1. Calculate the monthly payment of a 20-year loan with a loan
amount of $90,000 and a 5.45% APR.
Procedure Key operation Display
Set all the variables to
default values.
.
b
000
Make sure ordinary annuity is set (BGN is not displayed).
Set TVM solver vari-
ables and calculate
payment.
.w
12
Q
s
20
.
<
N
90000
v
0
T
5.45
f@
u
PMT=
-61656
Answer: The monthly payment is $616.56.
Now generate an amortization schedule for the fi rst 5 years of the
loan. If the fi rst payment is in August, the fi rst year has 5 payment
periods and the following years have 12 payment periods each.
2. Calculate the amortization schedule for the first year.
Procedure Key operation Display
Change to amortization
calculation and enter 1
(August) for the starting
payment.
*
1
Q
AMRT P1=
100
Enter 5 (December) for
the ending payment.
i
5
Q
AMRT P2=
500
Display the remaining
balance.
i
BALANCE=
8895148
1
3 Financial Function.indd 343 Financial Function.indd 34 07.7.5 2:45:24 PM07.7.5 2:45:24 PM