Texas Instruments BA Real Estate - Computing a Monthly Mortgage Payment

20 Mortgages and Amortization
BEAR-CH1.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:16 PM Printed: 09/28/99 1:16 PM
Page 20 of 36
Press
# ,
until the BGN indicator disappears.
Steps Keystrokes Display
Clear TVM values.
#
-
0.00
Set P/Y and C/Y to 12.
#
+
12
j
j
P/Y = 12.00
C/Y = 12.00
12.00
Enter term in years.
30
0
TRM= 30.00
Enter interest rate on
the loan.
9.125
1
I% = 9.13
Enter price less down
payment.
130
q X
10
A
j
2
LN = 117,000.00
Compute monthly
payment.
$
3
PMT=
-
951.95
Find the monthly payment if the term of the loan is 15
years instead of 30.
Steps Keystrokes Display
Change term to 15
years.
15
0
TRM= 15.00
Compute payment.
$
3
PMT=
-
1,195.41
Computing a Monthly Mortgage Payment
Find the monthly payment on a home priced at $130,000
if the buyer makes a 10% down payment and finances the
balance with a 30-year mortgage at 9.125% annual
interest. If you are preparing a report for a client, fill in
the worksheet as you calculate the results.
Solution