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Using Equation Solver for Interest Problems To run EquationSolver: 1. !MATH! 1. 2. G O:Solver IENTER I 3. G to change your equation 4. !VARSI 2. enter 1 on the piece you want 3. enter knownvalues 4. put cursor on the 1 of the piece you want 5. III Y-VARS IENTER! 5. !ENTER!to see the pieces of the formula IALPHA! [SOLVE] 6. 1:function IENTER ! 7. G to choose the correct equation IENTER ! To enter the equations only once, we will store them in 1Y3. Enter the equations as shown: Yl = I-PRT Simple Interest IY3Enter only the equations here. Do not enter any values. I = PRT I =Interest P=Principal R=Rate per year T=Timein years Y2 = M-Pj(l-DT) Face Value of Simple Discount Note P M=1-DT M=MaturityValue P=Proceeds D=DiscountRate T=Time in years Y3 = B-MDT Bank Discount Y4 = F-P(l+R/N)"(NT) Compound Interest (Maturity=Principal + Interest) (Proceeds=Maturity-Bank Discount) RNT FV=PV*(l+l\f) F=Amount in account, FV= future value P=Principal, PV= present value R=Rate T= Time in years moj12, daj360, daj365 N= Number of compound periods in 1 year Y5 = P-X*(l-(l+R/N)"(-NT»j(R/N) Amortized Loans Annuities moj12,daj360,daj365 B = MDT B=Bank Discount M=Maturity, Face Value D=Discount Rate moj12, daj360, daj365 T=Time in years M=P+I P=M-B ~ ~ moj12, daj360, daj365 1- PV=Pmt* R ( 1+- N) -NT R N P = PV = Present Value of Annuities X = Pmt = Payment R = Rate N = Numberof compound periods in 1 year T= Time in years mO/12,da/360, da/365 Kathie Daviau, Billings Adult Basic Education Center, @200S Y6 = F-X*«l+R/NY'(NT)-l)/(R/N) Annuities Sinking Funds Payment at End Retirement Mutual Funds R FV = Pmt Y8 = U-F(N/P)*«N+1)/(P+1» Unearned Interest NT -1 R N F = FV = Future Value X = Pmt = Payment R = Rate N = Number of compound periods in 1 year T= Time in years mo/12, da/360, da/365 Y7 = F-(X*« 1+ R/N)A(NT + 1)-1)/ ( R/N)-X) Annuities Due Payment at the Beginning ( 1+- N ) * R FV=Pmt* NT+l ( 1+-N ) -1 -Pmt R N F = FV = Future Value X = Pmt = Payment R = Rate N = Number of compound periods in 1 year T= Time in years mO/12, da/360, da/365 U=F(N)(N+1) P P+1 U = Unearned Interest (not earned by lender) F = Finance Charge N = Number of payments remaining P = Total number of payments originally