Texas Instruments Calculator - Manual (Page 43)

Time-Value-of-Money and Amortization Worksheets 39
Example: Computing Payment, Interest, and Loan
Balance After a Specified Payment
A group of sellers considers financing the sale price of a property for
$82,000 at 7% annual interest, amortized over a 30-year term with a
balloon payment due after five years. They want to know:
• Amount of the monthly payment
• Amount of interest they will receive
• Remaining balance at the end of the term (balloon payment)
Computing the Monthly Payment
Display 2nd year amortization data. #
#
# BAL=
PRN=
INT= 117,421.60 *
_ -1,507.03 *
-7,242.53 *
Move to P1 and press % to enter
next range of payments.
# % P1= 22.00 
Display P2 . # P2= 33.00 
Display 3rd year amortization data. #
#
# BAL=
PRN=
INT= 115,819.62 *
-1601.98 *
-7,147.58 *
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. 30 & Z , N= 360.00 
Enter interest rate. 7 - I/Y= 7.00 
Enter loan amount. 82000 . PV= 82,000.00 
Compute payment. % / PMT= -545.55 
To Press Display