Sharp EL 738C EL-738 Operation Manual - Page 33

Procedure, Key operation, Display

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Procedure Set all the variables to default values. Key operation . b Display 000 Make sure ordinary annuity is set (BGN is not displayed). 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 25 . < of payments. N ANS~N 30000 Enter payment. , 900 u (-9--)~PMT -90000 Enter the annual inter- 5.5 f est rate. 5.5~I/Y 550 Set the future value to 0 T zero. -~FV 000 Calculate the present @ v value. PV= 14655892 Calculate the down payment. s 180000 f v = 18-----PV= 3344108 Answer: You can borrow $146,558.92 in total. The price of the house is $180,000, so: Down payment = $180,000 - present value = $180,000 - $146,558.92 You need $33,441.08 for a down payment. 32

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32
Procedure
Key operation
Display
Set all the variables to
default values.
.
b
000
Make sure ordinary annuity is set (
BGN
is not displayed).
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
25
.
<
N
ANS~N
30000
Enter payment.
,
900
u
(-9——)~PMT
-90000
Enter the annual inter-
est rate.
5.5
f
5.5~I/Y
550
Set the future value to
zero.
0
T
—~FV
000
Calculate the present
value.
@
v
PV=
14655892
Calculate the down
payment.
s
180000
-
f
v
=
18————-PV=
3344108
Answer:
You can borrow $146,558.92 in total. The price of the
house is $180,000, so:
Down payment = $180,000 – present value
= $180,000 – $146,558.92
You need $33,441.08 for a down payment.