Question: HOW DO I SOLVE THIS USING THE TMV SOLVER ON A TI CALCULATOR? 7400 is the original amount of the loan, I'm not sure what
HOW DO I SOLVE THIS USING THE TMV SOLVER ON A TI CALCULATOR?
7400 is the original amount of the loan, I'm not sure what other information is needed, this is all the information that the question offered...
The correct answer is shown by the green star, so I don't need to know the answer, I just need to see how this is done on a calculator TMV solver so I can know how to solve it on my own for future assignments.
My teacher didn't teach us the formulas and equations, he just taught us how to use the TMV solver so that is all I know how to do. But I can't figure out what I am doing wrong . If he is making larger payments of $990/month wouldn't you just do 990*18payments=total amount that he paid ? Suppose that in the loan described, the borrower made larger payments, as indicated. Calculate (a) the time needed to pay off the loan, (b) the total amount of the payments, and (c) the amount of interest saved, compared with the original loan and payments. $7400; 6.2% compounded semiannually; 18 semiannual payments, with larger payments of $990. A. (a) 9 semiannual periods (b) $8,551.43 (c) $1,215.44 C. (a) 8 semiannual periods (b) $9.766.86 c) $1,846.86 B. (a) 9 semiannual periods (b) $9.766.86 (c) $1,846.86 OD. (a) 8 semiannual periods (b) $8,551.43 ) 51.215.44 Next
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
