00 end, 6 i^vr: 10.5, 12 end – HP 48g Graphing Calculator User Manual
Page 224
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Step 3:
Solve for the payment,
g ) ® S O L V E
MftLUE DF MDNEVg
N:
36
I^VR:10.5
PM: 8» 750. 80
PMT: B^'iEl'5— Pi'VR:
12
PM:
0.00
End
ENTER PRYMENT RMDUNT JR SDLME
Step 4:
Put in -225,00 for the payment and solve for PV to see how
mnch Otto can afford to borrow.
225
(ENTER)
® S O L
TIHE MftLUE DF MDNEV
6 I^VR: 10.5
N:
PM:
PMT:
-225.00
FM: 0.00
P/MR:
12
End
ENTER PRESENT MftLUE DR_SDLME
18
Sxaiiiple:
A
Mortgage with a Balloon Payment.
Russ T. Pipes has
taken out a 25-year, $75,250 house mortgage at 13.8%
annual interest. He expects to sell the house in 4 years,
repaying the loan in a balloon payment. Find the size of
the balloon payment—the value of the mortgage after 4
years of payments.
Pl/=75,250
A
l%YR
= 13.8
A/ = 4
X
12
PYR
= 12; End mode
1
Y
PMT=7
T
y 47
y 48
V
Balloon
i
FV=7
I v
18-18 Solving Equations