14: Additional Examples 195
File name : English-M02-1-040308(Print).doc Print data : 2004/3/9
calculate the monthly PMT = (loan x 12%) ÷ 12 mos.) When calculating
the
I%YR, the FV (a balloon payment) is the entire loan amount, or
$1,000,000, while the
PV is the loan amount minus the points.
Keys: Display: Description:
@c e
If necessary, sets 12
payments per year and
End mode.
10
@
Stores total number of
payments.
1000000
*
12
%/
Calculates annual interest
on $1,000,000 ...
12 ...and calculates, then
stores monthly payment.
1000000
Stores entire loan amount
as balloon payment.
-
3
%=
&
Calculates, then stores
amount borrowed (total —
points).
Calculates APR—the yield
to lender.
Loan with an Odd (Partial) First Period
The TVM menu deals with financial transactions in which each payment
period is the same length. However, situations exist in which the first
payment period is not the same length as the remaining periods. This
first period is sometimes called an
odd or partial first period.
The following Solver equation calculates
N, I%, PV, PMT, or FV for
transactions involving an odd first period, using simple interest for the
odd period. The formula is valid for 0 to 59 days from inception to
v
v
v
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