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Posted by ed reardon on August 28, 2002 at 00:59:47:

I have an older TI BA-35 I bought several years ago, it works but when I run threw some practice my numbers are slightly off a few dollars for which ever I am solving for (the N, %i, PMT, or PV) My calculator needs me to divide the annual interest rate by 12 months to get the monthly i% to calculate the other portions.

e.g.
75,000 Pv
360 N
12%
I calculate $763.83 for the monthly payment
but a software program I got says its 771.46

and then after 120 payments the balance due would be a PV of $69,432.39 (balloon payment) on my calculator but software program says its $70063.55 compounded monthly. So any ideas what I am doing wrong? I thought everyone used the same formulas but based on these samples, not everyone is using the same math formulas...help!

Follow Ups:

• Beginning and Ending - Most common mistake John Behle 01:26:39 8/28/2002 (1)
  • Re: Beginning and Ending - Most common mistake ed 02:18:55 8/28/2002 (0)

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