23
3.
Enter v
alues into
TVM solv
er v
a
riab
les
.
•
Enter a v
alue and press the appropr
iate
TVM v
a
riab
le k
e
y
(
N
,
f
,
v
,
u
,
T
).
• Press
.
w
and then enter a v
alue f
or P/Y
. The
same v
alue is automatically assigned to C/Y as w
ell.
V
al-
ues entered into P/Y or C/Y m
ust be positiv
e
. After enter-
ing v
alues
, press
s
to quit the P/Y and C/Y settings
.
•
After setting P/Y (n
umber of pa
yments per y
ear), y
ou can
use
.
<
to enter N (total n
umber of pa
yments).
Enter the n
umber of y
ears and press
.
<
. The
calculator automatically calculates the total n
umber of
pa
yments
.
• By
pressing
f
/
y
ou can use the result of the pre-
vious nor
mal calculation stored in ANS memor
y as a
TVM
v
a
riab
le
.
•
Note that some v
a
riab
les are shared b
y
other calculations
and ma
y ha
v
e
v
alues assigned b
y
those calculations
.
4.
Press
@
and the
TVM v
a
riab
le k
e
y that y
ou wish to solv
e
.
•
The calculation is perf
or
med and the obtained v
alues are
displa
y
ed.
Basic e
xamples f
or the
TVM solver
Calculating basic loan interest
A $56,000 mor
tgage loan (compounded monthly) requires
monthly pa
yments of $440 dur
ing its 20-y
ear amor
tization pe-
riod.
Calculate the ann
ual interest r
ate on the mor
tgage
.
N = 12
×
20 y
ears = 240
......
PV = $56,000
I/Y = ?%
FV = 0
PMT = –$440
Def
ault v
alues f
or the n
umber of pa
yments per y
ear (P/Y) and
the n
umber of compounding per
iods per y
ear (C/Y) are both set
to 1.
Set these v
alues bef
ore enter
ing
TVM v
a
riab
le v
alues
.
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3 Financial FunctionsCurrent.indd 23
06.7.10 8:38:13 PM
