Solution 11220: Calculating Annual Payments on the BA II PLUS™ and the BA II PLUS™ PROFESSIONAL.
How Do I Calculate Annual Payments on the BA II PLUS or the BA II PLUS PROFESSIONAL?
Example: What would the annual payment of a 30 year mortgage for $75,000 at 8.5% interest be?
PV = 75000
I/Y = 8.5
N = 30
PMT = ?
1) Press the [2nd] key and the [I/Y] key. (This enters the P/Y worksheet.)
2) Set P/Y to 1 for annual payments by entering 1 and pressing the [ENTER] key. This also sets the C/Y (Compounding Periods) to annually.
3) Press the [2nd] key and the [CPT] key. (This exits the P/Y worksheet.)
4) Press the [2nd] key and the [FV] key. (This clears the TVM worksheet.)
5) Enter 75000 and press the [PV] key. (This stores 75000 to the Present Value register.)
6) Enter 8.5 and press the [I/Y] key. (This stores 8.5 to the Interest Per Year register.)
7) Enter 30 and press the [N] key. (This stores 30 to the N register.)
8) Press the [CPT] key and the [PMT] key.
The annual payment is $6,978.79.
Please Note: The payment is displayed as -6,978.79 because it is a negative cashflow.Please see the BA II PLUS family guidebooks for additional information.