Back in my October 16 post<\/a> on mortgage payments, I opened the topic with the use of mortgage tables. While I still prefer them, the world is moving towards calculators instead.<\/p>\n With so many financial calculators available, their use is an exciting topic to embark. Today I’ll look at my old TI BA-35; the model in front of me is, I believe, from the late 90s. Given this calculator’s commonality, plus the fact that calculator instructions usually remain fairly consistent from the old model to the newer one, I think it’s definitely worth talking about.<\/p>\n I’m going to give commentary on how to calculate the mortgage payment for the same situation posed in my October 16 post<\/a>. Here are the parameters I was using:<\/p>\n
| loan <\/td>\n | 300 000<\/td>\n<\/tr>\n |
| interest<\/td>\n | 6.5%<\/td>\n<\/tr>\n |
| term<\/td>\n | 25 years<\/td>\n<\/tr>\n |
| payment frequency<\/td>\n | monthly<\/td>\n<\/tr>\n<\/table>\n With the TI BA-35, I suspect<\/em> that changing modes to STAT, then back to FIN (by keying in 2nd FRQ, then 2nd N<\/span>), will clear the old data. I don’t know this for sure, but it seems to work for me. At any rate, I make sure I’m in FIN mode (if so, you’ll see FIN at the bottom of the screen), then I key in the parameters like so:<\/p>\n 300000 PV<\/span> Now, to find the payment, I key in<\/p>\n CPT PMT<\/span><\/p>\n After a few seconds, the amount 2025.6215 shows on the display. Note this matches the monthly payment from my October 16 post<\/a>.<\/p>\n Important to notice: with the TI BA-35, you need to enter the monthly<\/em> interest rate (the interest rate divided by 12) to indicate monthly payments.<\/p>\n I’ll have much more to say about this in future posts; today was just to start us off with the TI BA-35:)<\/p>\n |