29
Procedure Key operation Display
Enter the total number
of payments.
s
18
N
18~N
1800
Enter the future value.
300000
t
3—————~FV
30000000
Set the present value to
zero.
0
—~PV
000
Enter the annual inter-
est rate.
3.6
f
3.6~I/Y
360
Calculate payment.
@
u
PMT=
-1624570
Answer: The monthly investment should be $16,245.70.
Calculating lease payments (Annuity due)
You plan to purchase a new car with a value of $87,918 on a
60-month lease. If the annual interest rate is 6.75%, the contractual
purchase option price at lease end is $17,500, and payment is due
at the beginning of each month, how much should you pay each
month?
N = 60
....................
PV = $87,918
FV = –$17,500
I/Y = 6.75%
PMT = ?
Procedure Key operation Display
Set all the variables to
default values.
.
b
000
Set to annuity due
(BGN is displayed).
.
"
000
Set the number of pay-
ments per year to 12.
.
w
12
Q
P/Y=
1200
2
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