Education Technology

Solution 11313: Creating an Amortization Table with a TI-83 Plus Family, TI-84 Plus Family, or TI-Nspire™ Handheld in TI-84 Plus Mode With the Finance Application.

How do I create an amortization table with a TI-83 Plus family, TI-84 Plus family, or TI-Nspire in TI-84 Plus mode using the Finance application?

An Amortization Table is a payment schedule that shows the amount that goes towards principle and interest of a loan, and the balance owed after n payments.

Example: Find the payment and the amortization schedule of a 30 year mortgage at $150,000 with an interest rate of 8%.

Calculating the Payment:

1) Press [APPS] and select Finance by pressing [ENTER]
2) Select TVM_Solver by pressing [ENTER]
3) Enter in the respective values for this mortgage N = 360, I% =8, PV = 150,000, FV = 0, P/Y = 12, C/Y = 12
4) Compute the monthly payment, place the cursor to the PMT = selection and press [ALPHA] [ENTER]
5) The payment is equal to -1100.65

 

Now set up the Functions:

1) Go to the Y= editor by pressing [Y=]
2) Y1 = bal(x) To enter this press [APPS], [ENTER], [9], [X,T,θ,n], [ ) ], [ENTER]
3) Y2 = ∑Prn(X,X) To enter this press [APPS], [ENTER], [0], [X,T,θ,n], [ , ], [X,T,θ,n], [ ) ], [ENTER]
4) Y3 = ∑Int(X,X) To enter this press [APPS], [ENTER], [ALPHA], [A], [X,T,θ,n], [ , ], [X,T,θ,n], [ ) ], [ENTER]

 

Now adjust the table set:

1) Press [2nd] followed by [WINDOW]
2) TblStart = 0
3) ∆Tbl = 1
4) Indpnt: AUTO
5) Depend: AUTO

 

Now view the table:

1) [2nd] [GRAPH]

2) The X column is the payment number, Y1 represents the balance after payment X, Y2, is the amount of payment X that went towards principle and Y3 is the amount of payment X that went towards interest.

To view Y3, scroll to the right.

Please see the TI-83 Plus family or TI-84 Plus family guidebooks for additional information.

Please Note: TI-Nspire users may refer to the TI-84 Plus family guidebook.