Solution 12643: Calculating Monthly Payments on the Business Edge.
How do I calculate monthly payments using the Business Edge?
The example below will demonstrate how to calculate monthly payments using the Business Edge.
If a company borrows $100,000 for three years at 9% annual interest compounded monthly, what is the amount of the monthly payment?
• Press [AC/ON] to clear the calculator. • Set the calculator to two decimal places by pressing the [2nd] key, the decimal [.] key, then [2]. • Press the mode change key (red bar) to access the financial mode. • To calculate the total number of payments, input 3 x 12, [=], then press the [N] space. The screen will blink when it has stored this value. • Input the loan amount, 100,000, then press the [PV] space. • To calculate the monthly interest rate, input 9 divided by 12, [=], then press the [%i] space. • Press the [COMPUTE] key, then press the [PMT] space.
The monthly payment is $3,179.97.
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