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Notes on Chapter 12

This worksheet uses the TVM Solver key on the TI-84 or TI-83 Plus or TI-83 to solve compound interest problems. The answers found by using the calculator will be different from the answers found by using the tables. The reason for this is the table values have been rounded to four decimal places. The calculator values are not rounded until the final answer is found.

To locate this key do the following:

For the TI-84 or TI-83: Press 2nd Finance, #1 TVM Solver. The screen should now look like:

OR

For the TI-83 Plus: Press the APPS key, #1 Finance, #1 TVM Solver. The screen should now look like:

N=

I%=

PV=
PMT =
FV=
P/Y =
C/Y=

N is the total number of periods in the loan. For example: For compounded monthly for 1 year, N = 12. For compounded monthly for 5 year, N = 60. For compounded quarterly for 1 year, N = 4. For compounded quarterly for 6 year, N = 24.

I% is the interest rate. DO NOT CHANGE THE PERCENT TO A DECIMAL.

PV is the......

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Approximate Word Count: 958
Approximate Pages: 4 (250 words per double-spaced page)

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