Sharp EL738C EL-738 Operation Manual - Page 32

Calculating down payment and amount to, borrow

Get Sharp EL738C - ELECTRONICS EL-738C Financial Calculator PDF manuals and user guides
UPC - 074000018518
View all Sharp EL738C manuals
Add to My Manuals
Save this manual to your list of manuals

Page 32 highlights

Procedure Key operation Display Set all the variables to . b default values. 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 The number of compounding periods per year is automatically set to 12. Press s to exit the P/Y and C/Y settings. Enter the total number s 34 N of payments. 34~N 3400 Enter payment. , 200 u (-2--)~PMT -20000 Enter the annual inter- 18 f est rate. 18~I/Y 1800 Enter the future value. , 1500 T (-15--)~FV -150000 Calculate the present @ v value. PV= 627995 Answer: $6,279.95 should be charged for the machine. 4 Calculating down payment and amount to borrow You wish to buy a house for $180,000. The finance company charges a 5.5% APR, compounded monthly, on a 25-year loan. If you can afford a monthly payment of $900, how much can you borrow? How much do you need for a down payment? PV = ? I/Y = 5.5% ...... FV = 0 PMT = -$900 N = 12 × 25 years = 300 31

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
31
4
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
The number of compounding periods per year is automatically set to
12. Press
s
to exit the P/Y and C/Y settings.
Enter the total number
of payments.
s
34
N
34~N
3400
Enter payment.
,
200
u
(-2——)~PMT
-20000
Enter the annual inter-
est rate.
18
f
18~I/Y
1800
Enter the future value.
,
1500
T
(-15——)~FV
-150000
Calculate the present
value.
@
v
PV=
627995
Answer:
$6,279.95 should be charged for the machine.
Calculating down payment and amount to
borrow
You wish to buy a house for $180,000. The finance company
charges a 5.5% APR, compounded monthly, on a 25-year loan.
If you can afford a monthly payment of $900, how much can you
borrow? How much do you need for a down payment?
N = 12
×
25 years = 300
......
I/Y = 5.5%
PV = ?
FV = 0
PMT = –$900