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How to work out the total interest on a loan on a TI-84 Plus CE, TI-84 Plus or TI-83 Plus

By E-Code · updated

With the loan in the TVM Solver, press APPS, ENTER for Finance and ALPHA MATH for ΣInt(, type 1,60) and press ENTER for the interest over payments 1 to 60. APPS, ENTER, 0 gives ΣPrn(, the principal part, the same way.

Before you start

Put the loan in the TVM Solver first: N = 60, I% = 6, PV = 20000, P/Y = 12, then solve PMT (cursor on PMT, ALPHA ENTER).

APPS ENTER ENTER 6 0 ENTER 6 ENTER 2 0 0 0 0 ENTER ▼ ▼ 1 2 ENTER ▲ ▲ ▲ ALPHA ENTER 2nd MODE

Step by step

  1. Open APPS. APPS Press APPS. The car loan is already in the TVM Solver: 60 payments at 6% on 20,000 dollars.
  2. Open Finance. ENTER Press ENTER for Finance.
  3. Pick ΣInt(. ALPHA MATH Press ALPHA, then MATH: A picks item A, ΣInt(, the sum of the interest.
  4. Payments 1 to 60. 1 , 6 0 ) Type 1 , 60 ): from the first payment to the last.
  5. Total interest. ENTER Press ENTER.
  6. APPS again. APPS Press APPS.
  7. Open Finance. ENTER Press ENTER for Finance.
  8. Pick ΣPrn(. 0 Press 0 for ΣPrn(, the sum of the principal: the part that pays back the loan itself.
  9. Payments 1 to 60. 1 , 6 0 ) ENTER Type 1 , 60 ) and ENTER.
  10. Where your money goes. Interest −3199.36 plus principal −20000: over 5 years you pay 3,199.36 dollars in interest on top of the 20,000 dollars borrowed.

What the screen shows

Interest −3199.36 plus principal −20000: over 5 years you pay 3,199.36 dollars in interest on top of the 20,000 dollars borrowed.

Look for -20000 on the screen.

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 the total interest on a loan” 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