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Example 2: A 42-month car loan for $3,950 began accruing interest on July 19,
Example 2:
Example 2:
Example 2:
2004, so that the first period began on August 1, 2004. Payments of $120 are
made at the end of each month. Calculate the annual percentage rate (APR), using
the actual number of odd days and simple interest for the odd period.
Keystrokes
Keystrokes
Keystrokes
Keystrokes
fCLEARG
?Æ
7.192004\
8.012004
gÒ
30z
42+w
3950$
120ÞP
¼
12
Section 3: Basic Fin
Section 3:
Basic Financial Functions
Section 3:
Section 3:
Basic Fin
Basic Fin
Display
Display
Display
Display
Clears financial registers.
Turns off the C C C C indicator in the
display, so that simple interest will be
used for the odd period.
7.19
Keys in the date interest begins
accruing and separates it from the
next date entered.
8.012004
Keys in the date of the beginning of
the first period.
13.00
Actual number of odd days.
0.43
Divides by the length of a monthly
period to get the fractional part of
42.43
Adds the fractional part of
number of complete payment periods,
then stores the result in
3,950.00
Stores
–120.00
Stores
paid out)
1.16
Periodic (monthly) interest rate.
13.95
Annual percentage rate (APR).
ancial Functions
ancial Functions
ancial Functions
n t
n.
PV.
PMT
(with minus sign for cash
.
53
53
53
53
n.
o the
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