Solution 11202: Calculating Monthly Payments on the BA-35 Solar.
How do I calculate monthly payments using the BA-35 Solar?
The monthly payments can be found on the BA-35 Solar by following the steps below.
Example: What are the monthly payments on a mortgage for $75,000 at 8.5% interest which is compounded monthly over 30 years?
75000 = PV .71 = %i 360 = N ? = PMT
• Press the [2nd] key and the [CMR] key. • Input 75000 and press the [PV] key. (This stores 75000 to the present value register.) • Input 8.5 [2nd] [÷12] and press the [%i] key. (This stores the monthly interest rate of .71 to the interest per year register.) • Input 30 [2nd] [x12] and press the [N] key. (This stores 360 to the N register.) • Press the [CPT] key and the [PMT] key to an answer of $576.69.
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