User Manual

36 BA II PLUS™ Calculator
Basic Loan Calculations—Interest
Example: Interest Rate
You have a 30-year mortgage for $75,000 and make payments
each month of $576.69. What is the interest rate of your
mortgage?
Procedure Keystrokes Display
Set all variables to defaults.
& } !
RST 0.00
Enter number of payments
using payment multiplier.
30
& Z ,
N= 360.00

Enter loan amount.
75000
.
PV= 75,000.00

Enter payment amount.
576.69
S /
PMT= -576.69

Compute interest rate.
% -
I/Y= 8.50

The interest rate is 8.5% per year.