Solution 11197: Calculating Annual Payments on the BA-35 Solar.
How do I calculate annual payments on the BA-35 Solar?
The example below will demonstrate how to calculate annual payments on the BA-35 Solar.
Example: What are the annual payments of a mortgage for $75,000 at 8.5 % interest which is compounded annually for 30 years?
PV = 75,000
%i = 8.5
N = 30
PMT = ?
• Set decimal to two places. Press the [2nd] key, then the [CPT] key, then the 2 key. (This fixes the decimal to 2 places.)
• Input 75000 and press the [PV] key. (This stores 75000 to the present value register.)
• Input 8.5 and press the [%i] key. (This stores the annual interest rate of 8.5 to the interest per year register.)
• Input 30 and press the [N] key. (This stores 30 to the N register.)
• Press the [CPT] key and the [PMT] key.
The annual payment is $6,978.79.
Please see the BA-35 Solar Quick Reference Guide for additional information.