Sharp EL733A EL-733A Operation Manual - Page 29

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years to pay off the balance of the loan. What is the mortgage portion of your house payment (not including taxes and insurance) and what is the amount of the balloon? Solution: The first part of this solution is a payment calculation. Your sketch of the cash-flow schedule of the 15 year mortgage should look something like this: PV = 97'000.00 1=11.5+12 i t 141516n=15x12 FV = 0 4:171;761:774:7t 71;B0,1,, P MT =? And the keystrokes are: (Mode: FIN) 15 r2in9 VII El 11.5 Vntig M M9T000 Ej 0 E Result: -1133.14 Once you have calculated the payment, the FV calculation is just a matter of changing to 60 (5 years x 12 months) and calculating E. 5 pi0 E) lcaiAPJ E Result: -80'596.08 54 That is the amount left to pay on the loan after the 60th payment. But look at the cash-flow schedule of the five-year scenario with the balloon payment: PV = 97'000.00 1=11.5+12 o=15 x12 55 15, 7 t 1:0 PMT = -1133.14 FV = -80'596.08 The actual final balloon payment is going to include the last regular monthly payment. So the final balloon payment is: 2nd IRCL) M znd (Ficg E E Result: -81'729.22 Recalling numbers from the TVM registers is described on page 33. Also, do you remember why the payment results are negative? Money paid out is always negative. That is the convention used by the calculator. 55

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years
to
pay
off
the
balance
of
the
loan.
What
is
the
mortgage
portion
of
your
house
payment
(not
including
taxes
and
insurance)
and
what
is
the
amount
of
the
balloon?
Solution:
The
first
part
of
this
solution
is
a
payment
calculation.
Your
sketch
of
the
cash
-flow
schedule
of
the
15
year
mortgage
should
look
something
like
this:
PV
=
97'000.00
1=11.5+12
n=15x12
FV
=
0
i
t
14
1
5
1
6
P
MT
=?
And
the
keystrokes
are:
(Mode:
FIN)
15
2n
ri9
VII
El
11.5
Vntig
M
M
9T000
Ej
0
E
4:171;761:774:
7t
71;B0
,1
,,
Result:
—1133.14
Once
you
have
calculated
the
payment,
the
FV
calculation
is
just
a
matter
of
changing
to
60
(5
years
x
12
months)
and
calculating
E.
5
pi0
E)
lcaiAPJ
E
Result:
—80'596.08
54
That
is
the
amount
left
to
pay
on
the
loan
after
the
60th
payment.
But
look
at
the
cash
-flow
schedule
of
the
fi
ve-year
scenario
with
the
balloon
payment:
PV
=
97'000.00
1=11.5+12
o=15
x12
55
15
,
7
t
1:0
PMT
=
-1133.14
FV
=
-80'596.08
The
actual
fi
nal
balloon
payment
is
going
to
include
the
last
regular
monthly
payment.
So
the
final
balloon
payment
is:
2nd
IRCL)
M
znd
(Ficg
E E
Result:
—81'729.22
Recalling
numbers
from
the
TVM
registers
is
described
on
page
33.
Also,
do
you
remember
why
the
payment
results
are
negative?
Money
paid
out
is
always
negative.
That
is
the
convention
used
by
the
calculator.
55