Solution 11205: Calculating Quarterly Payments on the BA-35 Solar.
How do I calculate quarterly payments on the BA-35 Solar?
The example below will demonstrate how to calculate quarterly payments on the BA-35 Solar.
Example: What is the quarterly payment on a mortgage for $75,000 at 8.5% interest compounded quarterly for 30 years?
N = 120
%i = 8.5
PV = 75,000
PMT = ?
FV = 0
• Press the [2nd] key and the [CE/C] key
• Set Decimal setting to two places: Press the [2nd] key then the [CPT] key then 2 (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 divided by 4 [=] and press the [%i] key (This stores the quarterly interest rate of 2.13 to the interest per year register.)
• Input 30 [x] 4 [=] and press the [N] key (This stores 120 to the N register.)
• Press the [CPT] key and the [PMT] key
The quarterly payment is $1,732.71.