Sharp EL-120 User Manual download pdf (Page 21)

3.3. ANNUITIES

• Determine the future value of R400 monthly payments made for ﬁve years at 16%

interest per year, compounded monthly.

S = 400s

5×12 0,16÷12

= 36 414,21

The future value is R36 414,21.

Key in as

2ndF CA

2ndF P/Y 12 ENT

ON/C

+/− 400 PMT

2ndF ×P/Y N

I/Y

COMP FV

The answer is 36 414,21.

3.3.3 Amortisation

• Draw up an amortisation schedule for a loan of R5 000 which is repaid in annual

payments over ﬁve years at an interest rate of 15% per year.

P = Ra

n i

5 000 = Ra

5 0,15

R = 1 491,58

Key in as

2ndF CA

2ndF P/Y 1 ENT

ON/C

+/− 5 000 PV

2ndF ×P/Y N

I/Y

COMP PMT

1 2 ... 16 17 18 19 20 21 22 23 24 25 26 27 28

Chapter 1 1
Notes on the SHARP EL-738 1
Contents 3
CONTENTS 4
Chapter 2 5
Normal Calculation Mode 5
D S P D R G 6
2.3 Selecting a MODE 7
2.4 Normal mode 8
2.5 Calculator keys 8
2.5. CALCULATOR KEYS 11
1 7 . 0 0 12
Chapter 3 15
Financial Calculator Mode 15
3.1 Normal mode 16
3.2 Interest rates 16
3.2.2 Simple discount 17
3.2.3 Compound interest 18
3.2. INTEREST RATES 19
3.3 Annuities 20
3.3.3 Amortisation 21
A M R T P 2 = 22
3.3. ANNUITIES 23
Chapter 4 25
Statistical mode 25
D A T A S E T = 26
2 8 . 5 0 27
CHAPTER 4. STATISTICAL MODE 28

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Sharp EL-120 User Manual Page 21

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