Sharp EL738C EL-738 Operation Manual - Page 35

Calculating mortgage payments and generat, ing an amortization schedule - generator

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8. Press i to calculate the next period of the amortization schedule. 9. Repeat steps 5 to 7 above. • If you press @ during "AMRT P1" and "AMRT P2" entry, the values for the next period of payment will be automatically calculated and displayed. • To end amortization calculations, press s. Pressing s during entry will clear the value entered. 1 Calculating mortgage payments and generating an amortization schedule 1. Calculate the monthly payment of a 20-year loan with a loan amount of $90,000 and a 5.45% APR. Procedure Set all the variables to default values. Key operation . b Display 000 Make sure ordinary annuity is set (BGN is not displayed). Set TVM solver variables and calculate payment. . w 12 Q s 20 . < N 90000 v 0 T 5.45 f @ u Answer: The monthly payment is $616.56. PMT= -61656 Now generate an amortization schedule for the first 5 years of the loan. If the first payment is in August, the first year has 5 payment periods and the following years have 12 payment periods each. 2. Calculate the amortization schedule for the first year. Procedure Key operation Change to amortization * 1 Q calculation and enter 1 (August) for the starting payment. Enter 5 (December) for i 5 Q the ending payment. Display the remaining i balance. Display AMRT P1= 100 AMRT P2= 500 BALANCE= 8895148 34

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34
8.
Press
i
to calculate the next period of the amortization
schedule.
9.
Repeat steps 5 to 7 above.
• If you press
@
during “AMRT P1” and “AMRT P2” entry,
the values for the next period of payment will be automatically
calculated and displayed.
• To end amortization calculations, press
s
. Pressing
s
during entry will clear the value entered.
Calculating mortgage payments and generat-
ing an amortization schedule
1.
Calculate the monthly payment of a 20-year loan with a loan
amount of $90,000 and a 5.45% APR.
Procedure
Key operation
Display
Set all the variables to
default values.
.
b
000
Make sure ordinary annuity is set (
BGN
is not displayed).
Set TVM solver vari-
ables and calculate
payment.
.
w
12
Q
s
20
.
<
N
90000
v
0
T
5.45
f
@
u
PMT=
-61656
Answer:
The monthly payment is $616.56.
Now generate an amortization schedule for the first 5 years of the
loan. If the first payment is in August, the first year has 5 payment
periods and the following years have 12 payment periods each.
2.
Calculate the amortization schedule for the first year.
Procedure
Key operation
Display
Change to amortization
calculation and enter 1
(August) for the starting
payment.
*
1
Q
AMRT
P1=
100
Enter 5 (December) for
the ending payment.
i
5
Q
AMRT
P2=
500
Display the remaining
balance.
i
BALANCE=
8895148
1