Question about Texas Instruments TI-83 Plus Calculator
Over a 10 year term. The loan is amortized at 7.8% with monthly payments of $162.50.
After 10 years making monthy payments of $162.50 at 7.8% compunded monthly at the end of each compounding period, with the FV be zero? Use the TVM Solver to calculate the FV. Round to the nearest cent.
No. To the nearest cent, the monthly interest is $162.50. The monthly payments only pay the interest, without reducing the principal.
Posted on Feb 19, 2010
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The process of paying off a loan through specifically structured periodic payments is known as amortization. Amortized loans are different from other loans due to the way the amount and the structure of each payment is determined.
mortgage payments are a common form of amortized loans, and interestingly enough, both the term mortgage and the termamortization find their meaning in the same root word "mort." This term means to deaden or kill, as in to "kill off" or eliminate the loan a bit at a time, via regular payments.
Feb 10, 2011 | Computers & Internet
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