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  • You want to buy a $222,000 home.

  • You plan to pay 10% as a down payment and take

  • out a 30-year loan for the rest.

  • Part a, how much is the loan amount going to be?

  • Because you are putting 10% down, the loan amount

  • is going to be 90% of $222,000 since 100% minus 10% is 90%.

  • So for part a we have to find 90% of 222,000.

  • To find the percent of a number, we convert

  • the percent to a decimal and multiply.

  • 90% as a decimal is 0.90, or just 0.9,

  • giving us 0.9 times 222,000.

  • And now going to the calculator

  • 0.9 times 222,000 is 199,800 and therefore

  • the loan amount is $199,800.

  • And then for part b, what will your monthly

  • payments be if the interest is 6%?

  • To answer this question we will use the TI-84 TVM solver.

  • Let's begin by determining the required

  • information below where capital N is the total

  • number of payment periods.

  • Because you are paying monthly for a period

  • of 30 years, capital N is 30 times 12, which is 360.

  • There are 360 months in 30 years.

  • I% for part b is 6% and therefore we enter six here.

  • PV stands of present value, which is a beginning

  • loan amount, which we now know is 199,800.

  • This is positive because you are receiving

  • that amount of money.

  • PMT stands for payment amount, which we are solving for.

  • FV stands for future value, which is zero

  • because after 30 years the loan is paid off

  • and the balance is zero.

  • And payments per year and compounds per year

  • will both be 12 because you are paying monthly

  • and we assume the interest is compounded monthly.

  • And we always leave the PMT option at the bottom set on end.

  • And now we go to the calculator

  • and then we press apps, enter, enter,

  • then enter the information.

  • Capital N is 360, enter.

  • I% is six, enter.

  • PV is 199,800, this is the present value, enter.

  • We are solving for the payment, so we'll come

  • back to this row, enter.

  • Future value is zero, enter.

  • And payments per year and compounds per year are both 12.

  • And notice how we do have PMT set on end.

  • To solve for the monthly payment we go up

  • to the row for PMT or payment and press alpha, enter.

  • Notice how it's negative because this

  • is the amount you have to pay each month

  • which means the monthly payment when the interest

  • rate is 6% is $1,197.90 to the nearest cent.

  • So using the solver, even though the PMT

  • amount is negative, we do enter a positive value

  • for part b for the monthly payments.

  • And then for part c, what will your monthly

  • payments be if the interest rate is 7%?

  • To answer this question using the TVM solver

  • we simply change the 6% to 7% and then solve for PMT again.

  • So going back to the calculator, again we change

  • the six to a seven for the interest rate.

  • Everything else stays the same.

  • And now we go down and solve for the payment again.

  • So go down to the payment row, the cursor does

  • have to be in this row to solve for this,

  • and then we press alpha, enter.

  • So if the interest rate changes to 7%

  • then the monthly payments are going to be $1,329.27.

  • Looking at the monthly payments, notice how

  • when the interest rate goes up from 6% to 7%

  • the monthly payment goes up by over $130

  • which is why the interest rate of a mortgage

  • is so important.

  • I hope you found this helpful.

You want to buy a $222,000 home.


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A2 初級

2つの異なる金利で住宅ローンを比較する (TI-84 TVMソルバー) (Compare Mortgage Payments at Two Different Interest Rates (TI-84 TVM Solver))

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    林宜悉 に公開 2021 年 01 月 14 日