Texas Instruments Calculator User Manual
Page 40
36
Time-Value-of-Money and Amortization Worksheets
Answer:
Depositing $200 at the beginning of each month for 20 years
results in a future amount of $111,438.31.
Example: Computing Amount to Borrow and
Down Payment
You consider buying a car for $15,100. The finance company charges
7.5% APR compounded monthly on a 48-month loan. If you can afford a
monthly payment of $325, how much can you borrow? How much do
you need for a down payment?
Enter number of payments
using payment multiplier.
20
& Z ,
N=
240.00
Enter interest rate.
7.5
-
I/Y=
7.50
Enter amount of payment.
200
S /
PMT=
-200.00
Compute future value.
% 0
FV=
111,438.31
To
Press
Display
Set all variables to defaults.
& } !
RST
0.00
Set payments per year to 12.
& [
12
!
P/Y=
12.00
Return to standard-calculator
mode
& U
0.00
Enter number of payments using
payment multiplier.
4
& Z ,
N=
48.00
Enter interest rate.
7.5
-
I/Y=
7.50
Enter payment.
325
S /
PMT=
-325.00
To
Press
Display