Texas Instruments BA Real Estate User Manual

76 Other Financial Tools
BEAR-CH3.DOC BA Real Estate Guidebook Bob Fedorisko Revised: 08/29/96 9:19 AM Printed: 09/28/99 1:21 PM
Page 76 of 20
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 the original
loan values.
30
0
12
1
104
q 2
TRM= 30.00
I% = 12.00
LN = 104,000.00
Compute payment.
$
3
PMT =
-
1,069.76
Find loan balance
after five years.
5
0
$ 4
TRM= 5.00
FV =
-
101,569.75
Replace original loan
with FV and clear FV.
t
2
r
4
LN = 101,569.75
FV = 0.00
Enter original term
and new rate.
30
0
8.5
1
TRM= 30.00
I% = 8.50
Compute new
payment.
$
3
PMT =
-
780.98
Start APR.
N
j
I% = 8.50
PTS= 0.00
Enter points and fee;
compute true APR.
2
j
500
j
PTS= 2.00
FEE= 0.00
FEE= 500.00
APR= 8.78
Exit APR.
!
8.78
Finding the APR of a Refinanced Loan
Five years ago, you purchased a home with a 30-year,
$104,000 mortgage loan at 12% annual interest. You can
now refinance the loan balance at 8.5% annual interest,
provided you pay 2 points plus a $500 fee. What is the
new monthly payment and the APR of the new loan?
Solution

Texas Instruments BA Real Estate Specifications

General

Brand	Texas Instruments
Model	BA Real Estate
Category	Calculator
Language	English