Operation Manual

48 Section 3: Basic Financial Functions
Calculating the Payment Amount
1. Press fCLEARG to clear the financial registers.
2. Enter the number of payments or periods, using n or A.
3. Enter the periodic interest rate, using ¼ or C.
4. Enter either or both of the following:
5. Press g× or g to set the payment mode.
6. Press P to calculate the payment amount.
Example 1: Calculate the payment amount on a 29-year, $43,400 mortgage at
14¼% annual interest.
Example 2: Looking forward to retirement, you wish to accumulate $60,000
after 15 years by making deposits in an account that pays 9¾% interest
compounded semiannually. You open the account with a deposit of $3,200 and
intend to make semiannual deposits, beginning six months later, from your
profit-sharing bonus paychecks. Calculate how much these deposits should be.
z Present value, using $.
z Future value, using M.
Note: Remember to
observe the cash flow
sign convention.
Keystrokes Display
fCLEARG
29gA
348.00
Calculates and stores n.
14.25gC
1.19
Calculates and stores i.
43400$
43,400.00
Stores PV.
gÂ
43,400.00
Sets payment mode to End.
P
–523.99
Monthly payment (with minus sign
for cash paid out).