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How to work out a monthly loan payment on a TI-84 Plus CE, TI-84 Plus or TI-83 Plus

By E-Code · updated

Press APPS, ENTER for Finance and ENTER for the TVM Solver. Fill in N (payments), I% (yearly interest), PV (the loan) and P/Y = 12, put the cursor on PMT and press ALPHA, then ENTER (SOLVE).

Step by step

  1. Open APPS. APPS Press APPS.
  2. Open Finance. ENTER Press ENTER for Finance.
  3. Open the TVM Solver. ENTER Press ENTER for the TVM Solver: time, value, money.
  4. N: number of payments. 6 0 ENTER Type 60 and press ENTER: 60 monthly payments, 5 years.
  5. I%: yearly interest. 6 ENTER Type 6 and press ENTER: 6% a year.
  6. PV: the loan. 2 0 0 0 0 ENTER Type 20000 and press ENTER: you receive 20,000 dollars today.
  7. Go down to P/Y. ▼ ▼ Press ▼ twice, past PMT and FV, to P/Y: payments per year. It starts at 1.
  8. P/Y: 12 payments a year. 1 2 ENTER Type 12 and press ENTER: you pay every month. C/Y, how often interest is added, changes to 12 with it.
  9. Back up to PMT. ▲ ▲ ▲ Press ▲ three times to put the cursor on PMT, the payment.
  10. Solve for the payment. ALPHA ENTER The cursor is on PMT. Press ALPHA, then ENTER (SOLVE).
  11. Your monthly payment. PMT = −386.656…: about 386.66 dollars a month. It's negative because the money goes out.

What the screen shows

PMT = −386.656…: about 386.66 dollars a month. It's negative because the money goes out.

Look for 386.65 on the screen.

TI-84 Plus CE screen: PMT = −386.656…: about 386.66 dollars a month. It's negative because the money goes out.

Try it with the keys lit up

This guide is one of E-Code's Learn lessons. Open it on E-Code's TI-84 calculator and each key lights up in turn as you press it.

Try “Work out a monthly loan payment” on the TI-84 calculator

Related

Finance programs for the TI-84 Plus CE:

All TI-84 finance guides · All TI-84 guides · All calculator guides