Texas Instruments BA Real Estate - Monthly Payment and Apr of a Refinanced Loan

Other Financial Tools 77
BEAR-CH3.DOC BA Real Estate Guidebook Bob Fedorisko Revised: 08/29/96 9:19 AM Printed: 09/28/99 1:21 PM
Page 77 of 20
Monthly Payment and APR of a Refinanced Loan
1. Clear TVM values (if not already cleared).
#
-
2. Enter original term of loan (in years).
30
0
3. Enter interest rate.
12
1
4. Enter face value of mortgage loan.
$104,000
2
5. Compute payment amount.
$ 3
$
-
1,069.76
6. Enter number of payment years.
5
0
7. Compute balance of original loan, and
store as amount of refinanced loan.
$ 4
$
-
101,569.75
t
2
8. Set FV to zero.
r 4
9. Enter term of refinanced loan.
30
0
10. Enter new interest rate.
8.5
1
11. Compute new monthly payment.
$ 3
$
-
780.98
12. Start APR.
N
13. Enter number of points.
j
2
j
14. Enter total fees.
500
j
15. View actual annual percentage rate.
8.78%