Sharp EL738C EL-738 Operation Manual - Page 30

Annuity due

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Procedure Key operation Display Enter the total number s 18 N of payments. 18~N 1800 Enter the future value. 300000 T 3-----~FV 30000000 Set the present value to 0 v zero. -~PV 000 Enter the annual inter- 3.6 f est rate. 3.6~I/Y 360 Calculate payment. @ u PMT= -1624570 Answer: The monthly investment should be $16,245.70. 2 Annuity due Your company wishes to obtain a computer system with a value of $2,995. The same system may be leased for 24 months at $145 per month, paid at the beginning of each month. At the end of the lease, the system may be purchased for 10% of the retail price. Should you lease or purchase the computer if you can obtain a two-year loan at 7.2%, compounded monthly, to purchase the computer? PV = $2,995 FV = $2,995 × 10% = $299.5 PMT = -$145 ...... N = 24 I/Y = ?% Procedure Set all the variables to default values. Key operation . b Display 000 Set to annuity due (BGN is displayed). . " 000 Set the number of pay- . w 12 Q ments per year to 12. P/Y= 1200 29

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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
v
—~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.
Annuity due
Your company wishes to obtain a computer system with a value of
$2,995. The same system may be leased for 24 months at $145 per
month, paid at the beginning of each month. At the end of the lease,
the system may be purchased for 10% of the retail price. Should
you lease or purchase the computer if you can obtain a two-year
loan at 7.2%, compounded monthly, to purchase the computer?
N = 24
......
PV = $2,995
I/Y = ?%
FV = $2,995
×
10% = $299.5
PMT = –$145
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