Ixeq IP to calculate the periodic payment;
• I
xeq
I F
to
calculate
the
future
value
or
balance
of
a
loan.
3. Key in the values of the other four variables as they are
prompted for,
and
press IR/s Iafter each value.
4. After the last IR/s I, the result is displayed.
5.
To
recalculate the same variable using different data, press I
R/S
I
and
go to step 3.
6. For a totally new case go to step 2.
Variables
Used:
N The number of compounding periods.
J The
periodic
interest rate as a percentage rate. (Forexample,if the
annual
interest rate is 15% but there are 12 payments per
year,
then the
periodic
interest rate is 15-5-12=1.25%.)
Z The
periodic
interest rate as a decimal.
B The initial balance of loan or savings account.
P The periodic payment.
F The future value of a savings account or balance of a loan.
l The index variable, used here for indirect addressing.
Example: Part 1.
You
are financing the purchase of a car with a 3-
year loan (36months)at 10.5%annual interestcompounded
monthly.
The purchase price of the car is $7,250.
Your
down payment is
$1,500. What are your monthly payments?
226
14:
Miscellaneous
Programs
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