Specified Future Amount
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You plan to open a savings account and deposit the same amount of
money at the beginning of each month. In 10 years, you want to have
$25,000 in the account.
How much should you deposit if the annual interest rate is 0.5% with
quarterly compounding?
Note: Because C/Y (compounding periods per year) is automatically set
to equal P/Y (payments per year), you must change the C/Y value.
Answer: You must make monthly deposits of $203.13.
Compute loan amount. % . PV= 13,441.47
Compute down payment H 15,100 S N -1,658.53
To Press Display
Set all variables to defaults. & } ! RST 0.00
Set payments per year to 12. & [ 12 ! P/Y= 12.00
Set compounding periods to 4. # 4 ! C/Y= 4.00
Set beginning-of-period
payments.
& ] & V BGN
Return to standard-calculator
mode.
& U 0.00
Enter number of deposits using
payment multiplier.
10 & Z , N= 120.00
Enter interest rate. .5 - I/Y= 0.50
Enter future value. 25,000 0 FV= 25,000.00
Compute deposit amount. % / PMT= -203.13
To Press Display
Example: Computing Payments and Generating an
Amortization Schedule
This example shows you how to use the TVM and Amortization
worksheets to calculate the monthly payments on a 30-year loan and
generate an amortization schedule for the first three years of the loan.
Computing Mortgage Payments
Calculate the monthly payment with a loan amount of $120,000 and
6.125% APR.
Answer: The computed monthly payment, or outflow, is $729.13.
Generating an Amortization Schedule
Generate an amortization schedule for the first three years of the loan. If
the first payment is in April, the first year has nine payment periods.
(Following years have 12 payment periods each.)
To Press Display
Set all variables to defaults. & } ! RST 0.00
Set payments per year to 12. & [ 12 ! P/Y= 12.00
Return to standard-calculator
mode.
& U 0.00
Enter number of payments
using payment multiplier.
30 & Z , N= 360.00
Enter interest rate. 6.125 - I/Y= 6.13
Enter loan amount. 120000 . PV= 120,000.00
Compute payment. % / PMT= -729.13*
To Press Display
Select the Amortization worksheet. & \ P1= 0
Set beginning period to 1. 1 ! P1= 1.00
Set ending period to 9. # 9 ! P2= 9.00
Display 1st year amortization data. #
#
#
BAL=
PRN=
INT=
118,928.63*
-1071.37*
-5,490.80*
Change beginning period to 10. # 10 ! P1= 10.00
Change ending period to 21. # 21 ! P2= 21.00
Time-Value-of-Money and Amortization Worksheets 39
Example: Computing Payment, Interest, and Loan
You plan to open a savings account and deposit the same amount of
money at the beginning of each month. In 10 years, you want to have
$25,000 in the account.
How much should you deposit if the annual interest rate is 0.5% with
quarterly compounding?
Note: Because C/Y (compounding periods per year) is automatically set
to equal P/Y (payments per year), you must change the C/Y value.
Answer: You must make monthly deposits of $203.13.
Compute loan amount. % . PV= 13,441.47
Compute down payment H 15,100 S N -1,658.53
To Press Display
Set all variables to defaults. & } ! RST 0.00
Set payments per year to 12. & [ 12 ! P/Y= 12.00
Set compounding periods to 4. # 4 ! C/Y= 4.00
Set beginning-of-period
payments.
& ] & V BGN
Return to standard-calculator
mode.
& U 0.00
Enter number of deposits using
payment multiplier.
10 & Z , N= 120.00
Enter interest rate. .5 - I/Y= 0.50
Enter future value. 25,000 0 FV= 25,000.00
Compute deposit amount. % / PMT= -203.13
To Press Display
Example: Computing Payments and Generating an
Amortization Schedule
This example shows you how to use the TVM and Amortization
worksheets to calculate the monthly payments on a 30-year loan and
generate an amortization schedule for the first three years of the loan.
Computing Mortgage Payments
Calculate the monthly payment with a loan amount of $120,000 and
6.125% APR.
Answer: The computed monthly payment, or outflow, is $729.13.
Generating an Amortization Schedule
Generate an amortization schedule for the first three years of the loan. If
the first payment is in April, the first year has nine payment periods.
(Following years have 12 payment periods each.)
To Press Display
Set all variables to defaults. & } ! RST 0.00
Set payments per year to 12. & [ 12 ! P/Y= 12.00
Return to standard-calculator
mode.
& U 0.00
Enter number of payments
using payment multiplier.
30 & Z , N= 360.00
Enter interest rate. 6.125 - I/Y= 6.13
Enter loan amount. 120000 . PV= 120,000.00
Compute payment. % / PMT= -729.13*
To Press Display
Select the Amortization worksheet. & \ P1= 0
Set beginning period to 1. 1 ! P1= 1.00
Set ending period to 9. # 9 ! P2= 9.00
Display 1st year amortization data. #
#
#
BAL=
PRN=
INT=
118,928.63*
-1071.37*
-5,490.80*
Change beginning period to 10. # 10 ! P1= 10.00
Change ending period to 21. # 21 ! P2= 21.00
Time-Value-of-Money and Amortization Worksheets 39
Example: Computing Payment, Interest, and Loan