Texas Instruments TI-84 PLUS SILV Guidebook - Page 259
Getting Started: Financing a Car, Applications
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2. Select from list of functions. Getting Started: Financing a Car Getting Started is a fast-paced introduction. Read the chapter for details. You have found a car you would like to buy. You can afford payments of 250 per month for four years. The car costs 9,000. Your bank offers an interest rate of 5%. What will your payments be? Can you afford it? 1. Press z to set the fixed-decimal mode setting to 2. 2. Press Œ Í to select 1:Finance from the APPLICATIONS menu. 3. Press Í to select 1:TVM Solver from the CALC VARS menu. The TVM Solver is displayed. 4. Enter the data: N (number of payments)= 48 I% (interest rate)=5 PV (present value)=9000 FV (future value)=0 P/Y (payments per year)=12 C/Y (compounding periods per year)=12 5. Select PMT:END, which indicates that payments are due at the end of each period. 6. Move the cursor to PMT and press ƒ \. Can you afford the payment? Chapter 14: Applications 252