Casio BF-100 - Page 19

3. Loan payment period
Example
—
How
long
will
it
take
to
pay
back
a
loan
of
$30,000
borrowed
at
a
5.5%
annual
interest
rate
by
making
a
monthly
payment
of
$420?
OPERATION
READ-OUT
ERATION.
CCCREAD-OUT
“LOAN, Ga”
(amount borrowed)
(monthly payment)
(interest rate}
(period... 2. number of months)
(period...
..
number
of
years)
“LOAN, Eta”
(period... .. number of months)
(period... .. number of years)
we
30000 mFy
420 wea
SOS5812b mm
wg
8128
O.
7.226986667
86.23877
7.186564167
~34-
7.226986667 | ©
4.
Effective
interest
rate
Example
—
What
is
the
annual
interest
rate
for
a
$50,000
loan
when
paid
back
at
$640
per
month
over
a
period
of
25
years?
OPERATION
READ-OUT
“LOAN,
Gy"
ae
[3
perio
25012Em@
|
_300.]
50000.
(monthly
payment)
640
(i)
hy)
50000
1.249107827
14.98929392
(interest
rate...
,
monthly)
fans)
(39
(interest
rate...
.,
annual)
Hi2e
14.98929392
1.266498816
15.19798579
(amount borrowed)
“LOAN, GE”
(interest
rate...
..
monthly)
2
ge
(interest
rate...
..
annual)
&31
-35-
fs Nea