BA II PLUS™ PROFESSIONAL Calculator
BA II PLUS™ PROFESSIONAL Calculator
BA II PLUS™ PROFESSIONAL Calculator
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Example: Computing Payments and Generating an<br />
Amortization Schedule<br />
This example shows you how to use the TVM and Amortization<br />
worksheets to calculate the monthly payments on a 30-year loan and<br />
generate an amortization schedule for the first three years of the loan.<br />
Computing Mortgage Payments<br />
Calculate the monthly payment with a loan amount of $120,000 and<br />
6.125% APR.<br />
To Press Display<br />
Set all variables to defaults. & } ! RST 0.00<br />
Set payments per year to 12. & [ 12 ! P/Y= 12.00<br />
Return to standard-calculator<br />
mode.<br />
Enter number of payments<br />
using payment multiplier.<br />
& U 0.00<br />
30 & Z , N= 360.00<br />
Enter interest rate. 6.125 - I/Y= 6.13<br />
Enter loan amount. 120000 . PV= 120,000.00<br />
Compute payment. % / PMT= -729.13*<br />
Answer: The computed monthly payment, or outflow, is $729.13.<br />
Generating an Amortization Schedule<br />
Generate an amortization schedule for the first three years of the loan. If<br />
the first payment is in April, the first year has nine payment periods.<br />
(Following years have 12 payment periods each.)<br />
To Press Display<br />
Select the Amortization worksheet. & \ P1= 0<br />
Set beginning period to 1. 1 ! P1= 1.00<br />
Set ending period to 9. # 9 ! P2= 9.00<br />
Display 1st year amortization data. #<br />
<strong>BA</strong>L= 118,928.63*<br />
#<br />
PRN= -1071.37*<br />
INT= -5,490.80*<br />
#<br />
Change beginning period to 10. # 10 ! P1= 10.00<br />
Change ending period to 21. # 21 ! P2= 21.00<br />
38 Time-Value-of-Money and Amortization Worksheets